{"response":{"docs":[{"id":"dlg_ggpd_i-ga-bl200-pe46-bp1-be31-b11-s1-belec-p-btext","title":"Georgia-Atlanta economic indicators. Quarterly report, Vol. 11, no. 1 (First quarter 2005)","collection_id":"dlg_ggpd","collection_title":"Georgia Government Publications","dcterms_contributor":["Georgia. Workforce Information and Analysis."],"dcterms_spatial":["United States, Georgia, 32.75042, -83.50018"],"dcterms_creator":["Georgia. Workforce Information and Analysis"],"dc_date":["2005"],"dcterms_description":["Quarterly","Latest issue consulted: Vol. 9, issue 2 (2nd quarter 2003)","Merger of: Georgia economic indicators. Monthly report, and: Metro Atlanta economic indicators. Monthly report"],"dc_format":["application/pdf"],"dcterms_identifier":null,"dcterms_language":["eng"],"dcterms_publisher":["Atlanta, Ga. : Georgia Dept. of Labor, Workforce Information and Analysis, 2005"],"dc_relation":null,"dc_right":["http://rightsstatements.org/vocab/InC/1.0/"],"dcterms_is_part_of":null,"dcterms_subject":["Georgia--Economic conditions--Statistics--Periodicals","Economic indicators--Georgia--Periodicals"],"dcterms_title":["Georgia-Atlanta economic indicators. Quarterly report, Vol. 11, no. 1 (First quarter 2005)","Georgia economic indicators. Quarterly report","Quarterly report","Georgia economic indicators. Monthly report","Metro Atlanta economic indicators. Monthly report"],"dcterms_type":["Text"],"dcterms_provenance":["University of Georgia. Map and Government Information Library"],"edm_is_shown_by":["https://dlg.galileo.usg.edu/do:dlg_ggpd_i-ga-bl200-pe46-bp1-be31-b11-s1-belec-p-btext"],"edm_is_shown_at":["https://dlg.galileo.usg.edu/id:dlg_ggpd_i-ga-bl200-pe46-bp1-be31-b11-s1-belec-p-btext"],"dcterms_temporal":null,"dcterms_rights_holder":null,"dcterms_bibliographic_citation":null,"dlg_local_right":null,"dcterms_medium":["reports","state government records"],"dcterms_extent":null,"dlg_subject_personal":null,"iiif_manifest_url_ss":null,"dcterms_subject_fast":null,"fulltext":"Economic Indicators \nA Quarterly Report of Georgia and Metro Atlanta Labor Market and Economic Trends \n \nFirst Quarter 2005 \n \nVolume 11, Issue 1 \n \nGeorgia Department of Labor \nMichael L. Thurmond Commissioner \n \n Georgia-Atlanta Economic Indicators \nQuarterly Report First Quarter - 2005 \nVolume 11, Issue 1 \n \nCover art: Margaret Mitchell House, Atlanta, Georgia by Huey J. Theus \nGeorgia Economic Indicators, Quarterly Report, is published by Workforce Information and Analysis, a division of the Georgia Department of Labor, 148 Andrew Young International Boulevard, N.E., Atlanta, Georgia 30303-1751. The telephone number is (404) 232-3875. \nVisit the Georgia Department of Labor web site at www.dol.state.ga.us \n \nGeorgia Department of Labor \nMichael L. Thurmond, Commissioner \n \nEqual Opportunity Employer/Programs - Auxiliary Aids and Services Available Upon Request to Individuals With Disabilities \n \nGeorgia Department of Labor \n \nEconomic Indicators / First Quarter 2005 \n \n Contents \nHistory ............................................................................................................................................................ 1 Introduction ................................................................................................................................................. 2 U.S. Consumer Price Index ......................................................................................................................... 3 Georgia Index of Economic Indicators ...................................................................................................... 4 Georgia Data Summary ................................................................................................................................ 5 \nEmployment, Manufacturing Wages and Hours .................................................................................... 6 Nonagricultural, Retail, Manufacturing,Workweek, Earnings and Deflated Earnings \nJob Openings, Unemployment Data and Vehicle Sales ........................................................................ 7 Nonagricultural Job Openings Unfilled, Initial/ Continued Unemployment Claims, Unemployment Rate, Insured Unemployment Rate and New Motor Vehicle Sales \nConstruction, New Business and State Revenue ................................................................................... 8 Residential/ Nonresidential Construction, Deflated Nonresidential Construction, New Business Corporations, Total/ Deflated State Revenue \nConsumer Price Index for the South or Metro Atlanta ........................................................................... 9 Metro Atlanta Index of Economic Indicators ........................................................................................... 10 Atlanta Data Summary ................................................................................................................................ 11 \nEmployment Data ......................................................................................................................................... 12 Nonagricultural, Wholesale, (Retail Accommodation and Food Services), Manufacturing and Government \nEmployment Data - Continued ..................................................................................................................... 13 Construction, (Transportation, Warehousing \u0026 Utilities), Financial Activities, Professional and Business Services, Hospital Services and Social Assistance \nManufacturing Workweek, Earnings and Unemployment Data .......................................................... 14 Manufacturing -(Workweek, Earnings and Deflated Earnings), Initial/ Continued Unemployment Claims and Unemployment Rates \nUnemployment Data, Transit and Construction Data ............................................................................ 15 Insured Unemployment Rate, MARTA Passengers, Cobb Community Transit Passengers, Residential/ Nonresidential Construction and Deflated Nonresidential Construction \nHotel and Mortgage Rates ......................................................................................................................... 16 Hotel Occupancy, Average Hotel Room Rates, Deflated Average Hotel Room Rates, Average 30-Year/ 15-Year Fixed Mortgage Rates and Average One-Year Adjustable Mortgage Rates \n \n History \nBuilt in 1899 for Cornelius Sheehan, member of a prominent Atlanta family and owner of Greer's Almanac, this house was moved in 1913 and converted into 10 apartments. Margaret Mitchell, author of Gone With the Wind, lived in the ground floor apartment Number 1 from 1925 to 1932 with her husband John Marsh. Mitchell, a former Atlanta Journal reporter, wrote the bulk of her epic novel here between 1926 and 1930, while working at a manual typewriter on a small table in the living-room alcove overlooking Crescent Avenue. In 1932, Mitchell and her husband moved from the declining Crescent Apartments to a nearby apartment on 17th Street at Pershing Point where she finished editing the manuscript for publication. In 1936, the book was published and became an instant success selling more than 180,000 copies in the first month. Film rights were quickly purchased by Selznick International Pictures for a record-breaking price of $50,000. Within six months, more than one million copies had been sold, and Margaret Mitchell was awarded a Pulitzer Prize in 1936. The movie opened in 1939, premiering in Atlanta. Mitchell's novel has been translated into 26 foreign languages and sold approximately 30 million copies worldwide. Revered by many, reviled by some, Gone With the Wind is arguably the most popular and influential book ever written about the American South. \n \n Introduction \n \nG eorgia Economic Indicators, Quarterly Report, is designed to provide data on a number of indicators used \nto measure movement of the state's economy in a single publication. \nOur publication has changed. \nThe Georgia and Metropolitan Altanta Economic Indicator series, previously published as two separate monthly publications, are now published as a single quarterly publication. Graphs will continue to display data in monthly increments; whereas companion data tables will display the 3-month average for each series (for 7 quarters) before alternating to a monthly format for the most recent quarter. \nAll data except those contained in the U.S. and Atlanta Consumer Price Index chart on Pages 3 and 9 are seasonally adjusted using the X11 ARIMA method. They are presented in graphic and tabular form along with an analysis. Each series shows movement over a 24-month period. Where appropriate, companion graphs and tables show data that have been deflated by the U.S. Consumer Price Index or the U.S. Construction Price Index. The purpose is to adjust for inflation and show growth in constant dollars. \nHistorical tables and graphs are included in a supplementary Georgia Economic Indicators, Historical Series, published annually. \nWorkforce Information and Analysis welcomes comments, suggestions or questions concerning the GeorgiaAtlanta Economic Indicators, Quarterly Report and Historical Series. Please address correspondence to Bill Webb, Workforce Information and Analysis, Georgia Department of Labor, 148 Andrew Young International Boulevard, N.E., Atlanta, Georgia 30303-1751. The telephone number is (404) 232-3875. \nNote: The area formerly known as the Atlanta MSA has been changed to Atlanta-Sandy SpringsMarietta MSA which now includes: Barrow, Bartow, Butts, Carroll, Cherokee, Clayton, Cobb, Coweta, Dawson, Dekalb, Douglas, Fayette, Forsyth, Fulton, Gwinnett, Haralson, Heard, Henry, Jasper, Lamar, Meriwether, Newton, Paulding, Pickens, Pike, Rockdale, Spalding and Walton counties. \n \nData Sources \n \nGeorgia Indexes of Leading and Coincident Economic Indicators*, Initial Unemployment Claims, Continuing Unemployment Claims, Insured Unemployment Rate, Nonagricultural Job Openings Unfilled, Weekly Manufacturing Earnings, Manufacturing Workweek and Employment data. -- Georgia Department of Labor \nConsumer Price Index -- U.S. Bureau of Labor Statistics, adapted from commentary by Michael Wald New Motor Vehicles, State Sales and Use Tax Collections and Total Revenue Collections -- Georgia Department of Revenue New Business Corporations -- Georgia Secretary of State Residential Construction and Construction Price Index -- U.S. Department of Commerce Nonresidential Construction -- F.W. Dodge, McGraw-Hill Construction Information Group MARTA Passengers -- Metropolitan Atlanta Rapid Transit System CCT Passengers -- Cobb Community Transit System Hotel Occupancy and Room Rates -- PKF Consulting, Atlanta, GA (as of July 2003) Mortgage Rates -- HSH Associates, Financial Publishers, Butler, NJ \n* Model for Georgia Indexes of Leading and Coincident Economic Indicators developed by Georgia State University's Economic Forecasting Center \n \n2 Economic Indicators / First Quarter 2005 \n \nGeorgia Department of Labor \n \n Consumer Price Index \n \nChart is not seasonally adjusted \n \nYEAR \n \nJAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC \n \nANN AVG \n \n* CPI RATE \n \n1992 \n \n138.1 \n \n138.6 \n \n139.3 \n \n139.5 139.7 140.2 140.5 140.9 \n \n141.3 \n \n141.9 \n \n142.0 \n \n141.9 \n \n140.3 \n \n2.9% \n \n1993 \n \n142.6 \n \n143.1 \n \n143.6 \n \n144.0 144.2 144.4 144.4 144.8 \n \n145.1 \n \n145.7 \n \n145.8 \n \n145.8 \n \n144.5 \n \n2.7% \n \n1994 \n \n146.2 \n \n146.7 \n \n147.2 \n \n147.4 147.5 148.0 148.4 149.0 \n \n149.4 \n \n149.5 \n \n149.7 \n \n149.7 \n \n148.2 \n \n2.7% \n \n1995 \n \n150.3 \n \n150.9 \n \n151.4 \n \n151.9 152.2 152.5 152.5 152.9 \n \n153.2 \n \n153.7 \n \n153.6 \n \n153.5 \n \n152.4 \n \n2.5% \n \n1996 \n \n154.4 \n \n154.9 \n \n155.7 \n \n156.3 156.6 156.7 157.0 157.3 \n \n157.8 \n \n158.3 \n \n158.6 \n \n158.6 \n \n156.9 \n \n3.3% \n \n1997 \n \n159.1 \n \n159.6 \n \n160.0 \n \n160.2 160.1 160.3 160.5 160.8 \n \n161.2 \n \n161.6 \n \n161.5 \n \n161.3 \n \n160.5 \n \n1.7% \n \n1998 \n \n161.6 \n \n161.9 \n \n162.2 \n \n162.5 162.8 163.0 163.2 163.4 \n \n163.6 \n \n164.0 \n \n164.0 \n \n163.9 \n \n163.0 \n \n1.6% \n \n1999 \n \n164.3 \n \n164.5 \n \n165.0 \n \n166.2 166.2 166.2 166.7 167.1 \n \n167.9 \n \n168.2 \n \n168.3 \n \n168.3 \n \n166.6 \n \n2.7% \n \n2000 \n \n168.7 \n \n169.7 \n \n171.1 \n \n171.2 171.3 172.3 172.6 172.8 \n \n173.7 \n \n174.0 \n \n174.1 \n \n174.0 \n \n172.1 \n \n3.4% \n \n2001 \n \n175.1 \n \n175.8 \n \n176.2 \n \n176.9 177.7 178.0 177.5 177.5 \n \n178.3 \n \n177.7 \n \n177.4 \n \n176.7 \n \n177.1 \n \n1.6% \n \n2002 \n \n177.1 \n \n177.8 \n \n178.8 \n \n179.8 179.8 179.9 180.1 180.7 \n \n181.0 \n \n181.3 \n \n181.3 \n \n180.9 \n \n179.9 \n \n2.4% \n \n2003 \n \n181.7 \n \n183.1 \n \n184.2 \n \n183.8 183.5 183.7 183.9 184.6 \n \n185.2 \n \n185.0 \n \n184.5 \n \n184.3 \n \n184.0 \n \n1.9% \n \n2004 \n \n185.2 \n \n186.2 \n \n187.4 \n \n188.0 189.1 189.7 189.4 189.5 \n \n189.9 \n \n190.9 \n \n191.0 \n \n190.3 \n \n188.9 \n \n3.3% \n \n2005 \n \n190.7 \n \n191.8 \n \n193.3 \n \n* Rate computed from December to December \n \nSource: U.S. Bureau Of Labor Statistics @www.bls.gov \n \nInflation Accelerates in March \n \nThe Consumer Price Index for All Urban Consumers (CPI-U) increased 0.8 percent in March, before seasonal adjustment, as reported by the Bureau of Labor Statistics of the U.S. Department of Labor. The March level of 193.3 (1982-84=100) was 3.1 percent higher than in March 2004. \nOn a seasonally adjusted basis, the CPI-U rose 0.6 percent in March, following an increase of 0.4 percent in February. Energy costs advanced sharply for the second consecutive month, up 4.0 percent in March. The index for all items less food and energy, which rose 0.3 percent in February, increased 0.4 percent in March. An upturn in the index for apparel and a larger increase in the index for lodging while away from home accounted for the larger advance in March. \nFor the first three months of 2005, consumer prices increased at a seasonally adjusted annual rate (SAAR) of 4.3 percent. This compares with an increase of 3.3 percent for all of 2004. The index for energy, which rose 16.6 percent in 2004, advanced at a 21.1 percent SAAR in the first quarter of 2005 and accounted for about three- \n \neights of the first quarter advance in the overall CPI-U. \nExcluding food and energy, the CPIU advanced at a 3.3 percent SAAR in the first quarter, following a 2.2 percent rise in all of 2004. While most categories advanced at a faster rate in the first quarter of 2005 then in all of 2004, about 70 percent of the acceleration was accounted for by a larger increase in the index for shelter. An upturn in the index for apparel and a larger increase in the index for medical care also contributed to the acceleration in the first quarter of 2005. \nThe index for housing rose 0.5 percent in March. Shelter costs, which rose 0.3 percent in February increased 0.6 percent in March, largely as a result of a 3.9 percent advance in the index for lodging away from home. The index for fuels and utilities rose 0.1 percent, following a 0.8 percent increase in February. The index for household furnishings and operations was unchanged in March. \nThe transportation index rose 1.9 percent in March, largely as a result of a 7.9 percent increase in the index for gasoline. As of March, the price of \n \ngasoline was 4.2 percent higher than its previous peak level of June 2004. The index for new vehicles turned down in March, declining 0.4 percent, its first decrease in six months. The index for public transportation increased 1.3 percent in March, reflecting increases in the indexes for airline fares and for intracity transportation. Airline fares registered their second consecutive advance, up 2.7 percent in March, but are 1.4 percent lower than a year ago. \nThe index for apparel increased 0.8 percent in March. Prior to seasonal adjustment, apparel prices rose 4.0 percent, reflecting the continued introduction of springsummer wear. \nMedical care costs rose 0.5 percent in March to a level 4.3 percent higher than a year ago. The index for medical care commodities was virtually unchanged in March. The index for medical care services rose 0.6 percent in March. \n \nGeorgia Department of Labor \n \nEconomic Indicators / First Quarter 2005 3 \n \n Georgia Index of Economic Indicators \n234 \nLeading indicators Coincident indicators \n208 \n \n181 \n \n154 \n \n128 \n1990 = 100 \n \n101 1998 \n \n1999 \n \n2000 \n \n2001 \n \n2002 \n \n2003 \n \n2004 \n \n2005 \n \n2006 \n \nIndicators Move Forward at a Slower Pace \n \nNote: All indicators are seasonally adjusted. \n*** The Georgia Department of Labor's economic indicators started the year off in a modest fashion and fell short of that anticipated breakout quarter. Instead the indicators moved to a different beat by avoiding any commitment that would provide more insight into the economic spectrum. Over the quarter the Leading Economic Indicators (LEI) inched up 0.1%. There were no distinctive trends, just horizontal movements that canceled each other out at the end of the quarter. The index slipped -0.3% to 190.9 in January before it rebounded to 192.2 up 0.6% in February. Some of the gains were lost in March as the index moved lower to 191.9 down 0.1%. Residential and commercial construction took a hit in January, before they regained ground in \n \nFebruary and March. Initial jobless claims fluctuated in the double digits but remained below last year's levels during the same time period. Sales of new motor vehicles turned around in March reversing two months of back-to-back declines. New business corporations filed with the state in February came close to doubling January's number before declining in March. \nThe Coincident Economic Indicators (CEI) picked up some steam in January (1.6%, 186.7) before losing those gains in February (-1.8%, 183.2). However, the index did regain some ground in March, ending the quarter at 185.2 up 1.0%. State tax revenue collections surged ahead in March, mainly because of the extra reporting days in the month. \n \nUnemployment remained stable in the 5.0% - 5.2% range. The manufacturing workweek closed in on the 40 hour mark, but did not exceed it. Retail employment increased 0.4% in January then declined the remainder of the quarter. \nThe leading and coincident indicators came in lower than the revised 1.3% and 2.1% gains posted during the first quarter of 2004. However, it's too early to verify if the event is actually a trend or just a slow patch that the economy is moving through. \n \n4 Economic Indicators / First Quarter 2005 \n \nGeorgia Department of Labor \n \n Georgia \nNonagricultural Employment change from previous month \nRetail Employment change from previous month \nManufacturing Employment change from previous month \nManufacturing Workweek (hours) change from previous month \nWeekly Manufacturing Earnings change from previous month \nNonagricultural Job Openings Unfilled change from previous month \nInitial Unemployment Claims change from previous month \nContinued Unemployment Claims change from previous month \nUnemployment rate (not seasonally adjusted) change from previous month \nInsured Unemployment Rate change from previous month \nNew Motor Vehicle Sales change from previous month \nResidential Construction ( building permits ) change from previous month \nNonresidential Construction ( dollar value ) change from previous month \nNew Business Corporations change from previous month \nTotal State Revenues ( in millions ) change from previous month \nDeflated State Revenues ( in millions ) change from previous month \nGeorgia Department of Labor \n \nMar 2005 3,903,640 -0.12% \n436,467 -0.01% \n438,850 -0.59% \n38.9 -1.15% \n$565.91 0.92% \n18,493 -5.85% \n36,298 11.02% \n217,448 2.86% \n5.0% - - \n1.34% - - \n45,427 10.52% \n8,407 4.12% \n$405,053,050 1.53% \n6,277 -11.50% \n$1,396,175,447 80.42% \n$722,286,600 79.02% \n \nFeb 2005 \n3,908,313 -0.07% \n \nJan 2005 \n3,910,952 0.46% \n \n436,499 -0.26% \n \n437,640 0.46% \n \n441,451 0.07% \n \n441,162 0.39% \n \n39.4 -1.10% \n \n39.8 3.03% \n \n$560.73 -0.54% \n \n$563.79 4.18% \n \n19,643 11.43% \n \n17,628 -3.09% \n \n32,694 14.57% \n \n28,537 -25.02% \n \n211,396 -5.30% \n \n223,219 16.36% \n \n5.2% \n \n5.0% \n \n- - \n \n- - \n \n1.36% - - \n \n1.31% - - \n \n41,104 -6.17% \n \n43,806 -8.64% \n \n8,075 4.07% \n \n7,759 -19.26% \n \n$398,966,897 15.06% \n \n$346,743,257 -48.18% \n \n7,093 43.96% \n \n4,927 -28.61% \n \n$773,868,706 -38.65% \n \n$1,261,477,980 -10.84% \n \n$403,477,600 -39.01% \n \n$661,499,700 -11.03% \n \nEconomic Indicators / First Quarter 2005 5 \n \n MILLIONS \n \nTHOUSANDS \n \nGEORGIA \n3.95 \n \n3.91 \n \n2003-2004 2004-2005 \n \n3.87 \n \n3.83 \n \n3.79 \nNonagricultural Employment \n3.75 \n500 \n \nHOURS \n \n42. 2 40. 7 39. 3 37. 8 36. 4 34. 9 $ 645 \n \n2003-2004 2004-2005 \nManufacturing Workweek \n \n480 \n \n$ 615 \n \nDOLLARS \n \n460 \n \n$ 585 \n \n440 \n \n$ 555 \n \n420 \nRetail Employment \n400 \n510 \n \n$ 525 \nAverage Weekly Manufacturing Earnings \n$ 495 \n$ 345 \n \n490 \n \n$ 330 \n \n470 \n \n$ 315 \n \nDOLLARS \n \n450 \n \n$ 300 \n \n430 \n \n$ 285 \n \nManufacturing Employment \n \nDeflated Average Weekly Manufacturing Earnings \n \n410 \n \n$ 270 \n \nA \n \nM \n \nJ \n \nJ \n \nA \n \nS \n \nO \n \nN \n \nD \n \nJ \n \nF \n \nM \n \nJ \n \nF \n \nM \n \nA \n \nM \n \nJ \n \nJ \n \nA \n \nS \n \nO \n \nN \n \nD \n \nEmployment \n \n2003: Q2 Q3 Q4 \n2004: Q1 Q2 Q3 Q4 \n2005: Jan Feb Mar \n \nNonag \n3,837,947 3,846,207 3,848,627 3,877,436 3,891,582 3,898,102 3,895,607 3,910,952 3,908,313 3,903,640 \n \nRetail \n444,670 445,490 443,968 445,439 446,187 443,833 438,502 437,640 436,499 436,467 \n \nMfg. \n453,762 447,182 446,385 447,818 446,366 444,998 442,166 441,162 441,451 438,850 \n \nAll graphs contain monthly data and are seasonally adjusted, except where noted. \n \nManufacturing \n \nAvg. Work Week \n \nWeekly Earnings \n \n40.4 \n \n$571.95 \n \n39.2 \n \n549.22 \n \n38.9 \n \n554.56 \n \n39.4 \n \n575.53 \n \n39.5 \n \n588.75 \n \n38.9 \n \n566.95 \n \n38.9 \n \n546.90 \n \n39.8 \n \n563.79 \n \n39.4 \n \n560.73 \n \n38.9 \n \n565.91 \n \nDeflated Wkly Earnings \n$311.41 297.59 300.41 308.96 311.63 299.03 286.73 295.64 292.35 292.76 \n \nTHOUSANDS \n \n6 Economic Indicators / First Quarter 2005 \n \nGeorgia Department of Labor \n \n THOUSANDS \n \nTHOUSANDS \n \nGEORGIA \n25. 0 \n2003-2004 2004-2005 \n21. 0 \n \n6. 0 2003-2004 2004-2005 \n5. 4 \n \nPERCENTAGES \n \n17. 0 \n \n4. 8 \n \n13. 0 \n \n4. 3 \n \n9. 0 \n \n3. 7 \n \nNonagricultural Job Openings Unfilled \n \n5. 0 \n \n3. 1 \n \n99. 6 \n \n3. 26 \n \n80. 9 \n \n2. 76 \n \n62. 1 \n \n2. 26 \n \nUnemployment Rate \n \nPERCENTAGES \n \n43. 4 \n24. 6 \nInitial Unemployment Claims \n5. 9 \n550 \n \n1. 76 \n1. 26 \nInsured Unemployment Rate \n0. 76 \n60 \n \n450 \n \n53 \n \nTHOUSANDS \n \n350 \n \n47 \n \n250 \n \n40 \n \n150 \n \nContinued Unemployment Claims \n \n50 \n \nA \n \nM \n \nJ \n \nJ \n \nA \n \nS \n \nO \n \nN \n \nD \n \nJ \n \nF \n \nM \n \n34 \n \nNew Motor Vehicle Sales \n \n27 \n \nA \n \nM \n \nJ \n \nJ \n \nA \n \nS \n \nO \n \nN \n \nD \n \nJ \n \nF \n \nM \n \nTHOUSANDS \n \n2003: Q2 Q3 Q4 \n2004: Q1 Q2 Q3 Q4 \n2005: Jan Feb Mar \n \nJob Openings \n11,771 13,958 14,006 14,722 15,209 15,039 17,725 17,628 19,643 18,493 \n \nInitial Claims \n55,314 53,114 44,851 41,766 37,971 38,071 39,087 28,537 32,694 36,298 \n \n1 Rate at the end of each quarter, except for monthly rates. * Unemployment rate prior to seasonal adjustments. \n \nGeorgia Department of Labor \n \nUnemployment \n \nContinued \nClaims \n321,971 \n \nRate 1* \n5.5% \n \n307,311 \n \n4.6% \n \n275,545 \n \n4.0% \n \n268,956 \n \n4.4% \n \n265,501 \n \n5.1% \n \n244,764 \n \n4.6% \n \n229,205 \n \n4.7% \n \n223,219 \n \n5.0% \n \n211,396 \n \n5.2% \n \n217,448 \n \n5.0% \n \nInsured 1 \n2.02% 1.88% 1.73% 1.58% 1.62% 1.54% 1.40% 1.31% 1.36% 1.34% \n \nNew Motor Vehicle Sales \n43,318 44,085 43,771 39,821 44,847 45,115 43,617 43,806 41,104 45,427 \n \nEconomic Indicators / First Quarter 2005 \n \n7 \n \n HOUSEHOLD UNITS \n \nMILLIONS \n \nGEORGIA \n \n12,200 10,900 \n \n2003-2004 2004-2005 \n \n9,600 \n \n8,300 \n7,000 \nResidential Construction \n5,700 \n \n$ 810 \n \n$ 672 \n \nCHARTERS \n \n8,000 7,000 6,000 5,000 4,000 3,000 $ 1,683 $ 1,466 \n \n2003-2004 2004-2005 \nNew Business Corporations \n \n$ 534 \n \n$ 1,250 \n \nMILLIONS \n \n$ 396 \n \n$ 1,033 \n \n$ 258 \n \n$ 817 \n \nNonresidential Construction \n \n$ 120 \n \n$ 600 \n \nTotal State Revenue \n \n$ 675 \n \n$ 940 \n \n$ 550 \n \n$ 823 \n \n$ 425 \n \n$ 706 \n \nMILLIONS \n \n$ 300 \n \n$ 589 \n \n$ 175 \n \n$ 472 \n \nDeflated Nonresidential Construction \n \nDeflated Total State Revenue \n \n$ 50 \n \n$ 355 \n \nA \n \nM \n \nJ \n \nJ \n \nA \n \nS \n \nO \n \nN \n \nD \n \nJ \n \nF \n \nM \n \nA \n \nM \n \nJ \n \nJ \n \nA \n \nS \n \nO \n \nN \n \nD \n \nJ \n \nF \n \nM \n \nMILLIONS \n \nConstruction \n \nResidential 2 Non-residential 1 Deflated non-res 1 \n \n2003: Q2 \n \n6,938 \n \nQ3 \n \n8,754 \n \nQ4 \n \n8,593 \n \n2004: Q1 \n \n8,515 \n \nQ2 \n \n8,087 \n \nQ3 \n \n9,067 \n \nQ4 \n \n9,865 \n \n2005: Jan \n \n7,759 \n \nFeb \n \n8,075 \n \nMar \n \n8,407 \n \n1 Data rounded 2 Household units 3 Includes limited liability companies \n \n$410,004,000 476,499,000 362,503,000 471,027,000 502,442,000 485,288,000 500,660,000 346,743,000 398,967,000 405,053,000 \n \n$316,117,200 364,295,900 271,877,300 347,963,800 361,989,900 342,073,300 347,519,700 238,475,200 275,720,100 280,507,600 \n \n8 Economic Indicators / First Quarter 2005 \n \nNew Business Corporations 3 \n5,749 5,601 6,158 5,463 6,075 6,314 5,936 4,927 7,093 6,277 \n \nTotal State \n \nRevenue 1 Deflated Rev. 1 \n \n$1,053,930,000 1,080,440,000 1,121,440,000 1,092,800,000 1,151,320,000 1,238,600,000 1,255,900,000 1,261,480,000 \n773,870,000 1,396,180,000 \n \n$573,827,600 585,392,800 607,497,300 586,685,800 609,379,000 653,270,000 658,458,600 661,499,700 403,477,600 722,286,600 \n \nGeorgia Department of Labor \n \n Consumer Price Index for the South \n \nChart is not seasonally adjusted \n \nANN * CPI YEAR JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC AVG RATE \n \n1992 134.4 134.9 135.5 135.9 136.2 136.7 136.8 137.0 137.3 137.8 138.1 137.9 136.5 2.7% \n \n1993 138.4 139.1 139.7 140.2 140.7 140.8 140.9 141.5 141.6 142.2 142.3 142.2 140.8 3.1% \n \n1994 142.5 142.9 143.6 143.8 144.3 144.7 145.0 145.5 145.8 145.9 146.0 146.1 144.7 2.7% \n \n1995 146.7 147.4 148.0 148.4 148.8 149.1 149.2 149.7 149.8 150.5 150.4 150.3 149.0 2.9% \n \n1996 151.1 151.5 152.4 153.2 153.5 154.0 154.0 154.1 154.5 154.9 155.1 155.1 153.6 3.2% \n \n1997 155.7 156.1 156.5 156.7 156.6 157.0 157.0 157.1 157.5 157.8 157.8 157.3 156.9 1.4% \n \n1998 157.6 157.8 158.2 158.5 158.8 159.1 159.3 159.5 159.5 159.8 159.6 159.6 158.9 1.5% \n \n1999 159.9 160.0 160.6 161.5 161.6 161.7 162.2 162.6 163.2 163.6 163.5 163.6 162.0 2.5% \n \n2000 164.0 164.7 166.4 166.6 166.6 167.4 167.9 168.0 168.5 168.5 168.6 168.4 167.2 2.9% \n \n2001 169.3 170.2 170.6 171.4 171.7 172.2 171.6 171.5 172.2 171.7 171.0 170.3 171.1 1.1% \n \n2002 170.6 171.0 172.1 173.1 173.2 173.5 173.6 173.8 174.2 174.9 174.9 174.6 173.3 2.5% \n \n2003 175.1 176.4 177.5 177.4 176.8 177.2 177.3 177.9 178.3 178.1 177.5 177.5 177.3 1.7% \n \n2004 178.2 179.1 180.1 180.9 182.0 182.9 182.6 182.6 182.8 183.7 183.7 183.3 183.3 3.3% \n \n2005 183.6 184.7 185.9 \n \n* Rate computed from December to December \n \nSource: U.S. Bureau of Labor Statistics @ www.bls.gov \n \nInflation Heats Up in the South \n \nThe Consumer Price Index for All Urban Consumers (CPI-U) for the South increased 0.6 percent, not seasonally adjusted, to a level of 185.9 (1982-84=100), as reported by the Bureau of Labor Statistics. Most of the increase was due to higher costs for transportation, apparel, and housing. Excluding food and energy, the CPI-U, South index increased 0.5 percent in March, the same percentage increase recorded in the February index. \nOver the past 12 months, prices in the South increased 3.2 percent primarily due to higher costs for housing and transportation. The index for all items less food and energy has risen 2.3 percent since March 2004. \n \nHousing costs rose 0.3 percent in March after increasing 0.5 percent in February, as costs for shelter rose 0.4 percent. Fuel and utilities costs advanced 0.4 percent. Over the year, housing costs increased 3.0 percent reflecting higher costs for shelter and fuel and utilities. Shelter costs moved up 2.9 percent while costs for fuel and utilities advanced 6.8 percent. Household furnishings and operations costs declined 0.2 percent over the year. \nThe apparel index advanced 4.4 percent in March after recording a 2.7 percent increase in February. While apparel costs normally move up over the first three months of the year, the increase of 4.7 percent over the first three months of 2005 is significantly above the 2.1 percent average increase recorded during the first quarter of the \n \nprior 10 years. Since March 2004, apparel costs have risen 1.3 percent. \nTransportation costs rose 1.6 percent in March after recording a 1.4 percent increase in February. The increase was due to 6.8 percent rise in the costs for motor fuel. Over the year, transportation costs have risen 6.2 percent, as motor fuel costs increased 19.8 percent while costs for new and used motor vehicles rose 2.1 percent. \nThe index for medical care increased 0.3 percent in March after advancing 0.7 percent in February. Costs for medical care commodities were unchanged over the month, while costs for medical care services rose 0.5 percent \n \nGeorgia Department of Labor \n \nEconomic Indicators / First Quarter 2005 9 \n \n Metro Atlanta Index of Economic Indicators \n200.0 \nLeading indicators Coincident indicators \n180.0 \n \n160.0 \n \n140.0 \n \n120.0 \n1995-96 = 100 \n \n100.0 \n \n98 \n \n99 \n \n00 \n \n01 \n \n02 \n \n03 \n \n04 \n \n05 \n \n'06 \n \nMomentum Shifts to the Coincident Indicator \n \nNote: All indicators are seasonally adjusted. \n \n*** \n \nEconomic indicators for the newly formed Atlanta-Sandy Springs-Marietta Metropolitan Statistical Area (MSA), previously known as the Atlanta MSA, displayed tepid advancements during the first reporting period of the year. Both indicators moved forward, although momentum clearly shifted to the Coincident Economic Indicators. \nOver the quarter the Leading Economic Indicators (LEI) increased 0.8%, advancing two of the three months. In January the index slipped 0.6% to 185.4 from 186.5 in December 2004, after benchmarking and the revision process. The LEI managed to recover in February, recording an \n \nadvance of 1.3% to 187.9. The index then continued forward progress ending the quarter at 188.1. \nHome builders continue to ride the housing boom despite speculation of a slowdown and interest rate hikes. After all, Atlanta did dominate the housing market in 2004, authorizing more than 74,000 new privately owned housing units. Nonresidential construction fell below last year's level, but new projects are starting to surface that will help increase activity later in the year. Initial unemployment claims ramped up in February and March; however, they remained below the 12,000 range. Average weekly manufacturing hours \n \nworked moved closer to the 40 hour workweek by late March. \nThe Coincident Economic Indicators (CEI) procession accumulated 1.8% in gains during the first quarter. The index advanced in January (185.3, 1.3%), February (185.6, 0.1%) and March(186.2,0.3%). Unemployment in the metro area closed out the quarter where it started at 4.9%. Retail employment, which is currently running below last year's level, remains stable in the 239,000 range. \nBoth indexes started the year off a little slower than the previous year. However, projects in the pipeline should spur more advances in the fall. \n \n10 Economic Indicators / First Quarter 2005 \n \nGeorgia Department of Labor \n \n Metro Atlanta \n \nMar-2005 \n \nFeb-2005 \n \nJan-2005 \n \nPercent Change Feb-2005 \nto Mar-2005 \n \nPercent Change Jan-2005 \nto Feb-2005 \n \nNonagricultural Employment \n \n2,271,379 \n \nWholesale Employment \n \n154,850 \n \nRetail Employment \n \n239,139 \n \nAccommodation and Food Services Employment \n \n187,691 \n \nManufacturing Employment \n \n173,502 \n \nGovernment Employment \n \n311,161 \n \nConstruction Employment \n \n125,521 \n \nTrans., Warehousing and Utilities Employment \n \n119,721 \n \nFinancial Activities Employment \n \n152,771 \n \nProfessional and Business Services Employment \n \n375,021 \n \nHospital Services Employment \n \n60,024 \n \nSocial Assistance Employment \n \n26,335 \n \nManufacturing Workweek \n \n39.5 \n \nManufacturing Earnings \n \n$591.90 \n \nDeflated Manufacturing Earnings \n \n$306.21 \n \nInitial Unemployment Claims \n \n11,352 \n \nContinued Unemployment Claims \n \n145,589 \n \nTotal Unemployment Rate ( not seasonally adjusted ) \n \n4.9 \n \nInsured Unemployment Rate \n \n1.27% \n \nMARTA Passengers \n \n5,345,000 \n \nCobb County Transit Passengers \n \n247,185 \n \nResidential Construction (household units) \n \n5,793 \n \nNonresidential Construction (value) \n \n$184,648,000 \n \nDeflated Nonresidential Construction \n \n$127,900,000 \n \nHotel Occupancy \n \n66.7% \n \nAverage Hotel Room Rates \n \n$93.79 \n \nDeflated Average Hotel Room Rate \n \n$48.52 \n \nAverage 30-Year Fixed Mortgage Rate \n \n5.99% \n \nAverage 15-Year Fixed Mortgage Rate \n \n5.43% \n \nAverage One-Year Adjustable Mortgage Rate \n \n4.34% \n \n2,275,904 154,220 239,405 187,699 174,839 310,692 126,284 119,743 152,886 374,095 60,137 26,381 39.0 $565.35 $294.76 9,911 110,323 5.1 1.24% \n5,547,000 238,233 5,652 \n$234,929,000 $162,400,000 \n66.8% $94.58 $49.31 5.66% 5.07% 4.04% \n \n2,278,224 -0.20% \n \n154,308 0.41% \n \n239,164 -0.11% \n \n188,650 0.00% \n \n174,181 -0.76% \n \n309,324 0.15% \n \n125,457 -0.60% \n \n120,185 -0.02% \n \n152,279 -0.08% \n \n378,339 0.25% \n \n59,807 -0.19% \n \n26,279 -0.17% \n \n37.3 1.14% \n \n$562.01 4.70% \n \n$294.71 3.88% \n \n8,594 14.54% \n \n84,374 31.97% \n \n4.9 \n \n- \n \n1.17% \n \n- \n \n5,250,000 -3.64% \n \n248,208 3.76% \n \n5,400 2.50% \n \n$150,358,000 -21.40% \n \n$103,400,000 -21.24% \n \n68.7% \n \n- \n \n$98.96 -0.83% \n \n$51.89 -1.60% \n \n5.77% \n \n- \n \n5.15% \n \n- \n \n4.03% \n \n- \n \n-0.10% -0.06% 0.10% -0.50% 0.38% 0.44% 0.66% -0.37% 0.40% -1.12% 0.55% 0.39% 4.71% 0.59% 0.02% 15.32% 30.75% \n5.66% -4.02% 4.67% 56.25% 57.06% -4.43% -4.98% - \n \nGeorgia Department of Labor \n \nEconomic Indicators / First Quarter 2005 \n \n11 \n \n MILLIONS \n \nTHOUSANDS \n \nMetro Atlanta \n \n2. 34 2. 30 \n \n2003-2004 2004-2005 \n \n2. 27 \n \n2. 23 \n \n2. 20 \nNonagricultural Employment \n2. 16 \n165 \n \n160 \n \n155 \n \n150 \n \n145 \nWholesale Employment \n140 \n270 \n \n260 \n \nTHOUSANDS \n \nTHOUSANDS \n \n300 2003-2004 2004-2005 \n250 \n200 \n150 \n100 \nAccommodation and Food Services \n50 220 \n200 \n180 \n160 \n140 \nManufacturing Employment \n120 330 \n320 \n \nTHOUSANDS \n \n250 \n \n310 \n \n240 \n \n300 \n \n230 \nRetail Employment \n \n220 \n \nA \n \nM \n \nJ \n \nJ \n \nA \n \nS \n \nO \n \nN \n \nD \n \nJ \n \nF \n \nM \n \n290 \nGovernment Employment \n \n280 \n \nA \n \nM \n \nJ \n \nJ \n \nA \n \nS \n \nO \n \nN \n \nD \n \nJ \n \nF \n \nM \n \nPeriod \n2003 :Q2 Q3 Q4 \n2004 :Q1 Q2 Q3 Q4 \n2005 Jan Feb Mar \n \nNonag \n2,228,243 2,237,391 2,243,160 2,254,691 2,259,203 2,274,035 2,272,344 2,278,224 2,275,904 2,271,379 \n \nWholesale \n150,939 150,917 151,065 150,554 151,394 153,823 154,292 154,308 154,220 154,850 \n \nEmployment \n \nRetail \n \nAccom. \u0026 Food Services \n \n248,592 249,995 248,795 247,236 246,380 247,220 243,037 239,164 239,405 239,139 \n \n179,178 182,306 184,296 185,485 186,556 186,328 187,087 188,650 187,699 187,691 \n \nManufacturing \n179,910 177,806 176,986 177,835 177,857 176,922 174,927 174,181 174,839 173,502 \n \nGovernment \n295,752 296,627 297,469 303,507 299,891 305,498 307,727 309,324 310,692 311,161 \n \nTHOUSANDS \n \n12 Economic Indicators / First Quarter 2005 \n \nGeorgia Department of Labor \n \n THOUSANDS \n \nTHOUSANDS \n \nMetro Atlanta \n138 2003-2004 2004-2005 \n132 \n126 \n120 \n114 \nConstruction Employment \n108 \n140 \n130 \n120 \n110 \n100 \nTransportation, Warehousing \u0026 Utilities Employment \n90 \n163 \n159 \n \nTHOUSANDS \n \nTHOUSANDS \n \n420 2003-2004 2004-2005 \n400 \n380 \n360 \n340 \nProfessional and Business Services Employment \n320 80 \n70 \n60 \n50 \n40 \nHospital Services Employment \n30 \n40 \n35 \n \n155 \n \n30 \n \nTHOUSANDS \n \n151 \n \n25 \n \n147 \nFinancial Activities Employment \n \n20 \nSocial Assistance Employment \n \n143 \n \n15 \n \nA \n \nM \n \nJ \n \nJ \n \nA \n \nS \n \nO \n \nN \n \nD \n \nJ \n \nF \n \nM \n \nA \n \nM \n \nJ \n \nJ \n \nA \n \nS \n \nO \n \nN \n \nD \n \nJ \n \nF \n \nM \n \nPeriod \n2003 :Q2 Q3 Q4 \n2004 :Q1 Q2 Q3 Q4 \n2005 Jan Feb Mar \n \nConstruction \n119,503 120,868 123,082 125,076 124,381 125,193 124,718 125,457 126,284 125,521 \n \nTrans, Ware \u0026 Utilities \n117,158 116,895 116,637 119,201 119,400 119,016 119,182 120,185 119,743 119,721 \n \nEmployment \n \nFinancial Activities \n \nProfessional \u0026 Business Services \n \n150,901 152,364 150,754 150,501 151,369 152,373 153,238 152,279 152,886 152,771 \n \n357,847 359,423 363,675 364,933 368,159 372,896 374,397 378,339 374,095 375,021 \n \nHospital Services \n57,073 57,957 58,199 58,818 58,535 59,065 59,333 59,807 60,137 60,024 \n \nSocial Assistance \n26,245 26,618 25,947 26,261 25,751 26,582 26,206 26,279 26,381 26,335 \n \nTHOUSANDS \n \nGeorgia Department of Labor \n \nEconomic Indicators / First Quarter 2005 \n \n13 \n \n HOURS \n \nDOLLARS \n \nMetro Atlanta \n \n41.0 39.0 \n \n2003-2004 2004-2005 \n \n37.0 \n \n35.0 \n \n33.0 \nManufacturing Workweek \n31.0 \n \n$ 650 \n$ 605 \n$ 560 \n$ 515 \nManufacturing Earnings \n$ 470 420 \n \nTHOUSANDS \n \nTHOUSANDS \n \n26. 9 21. 9 \n \n2003-2004 2004-2005 \n \n16. 9 \n \n11. 9 \n \n6. 9 \nInitial Unemployment Claims \n1. 9 \n275 \n \n225 \n \n175 \n \n125 \n \n75 \nContinued Unemployment Claims \n25 \n7. 0 \n \n380 \n \n340 \n \n300 \n \n260 \n \n220 \n \nA \n \nM \n \nDeflated Manufacturing Earnings \n \nJ \n \nJ \n \nA \n \nS \n \nO \n \nN \n \nD \n \nJ \n \nF \n \nM \n \nPERCENTAGES \n \n6. 0 \n \n5. 0 \n \n4. 0 \n \nUnemployment Rate \n \n3. 0 \n \nA \n \nM \n \nJ \n \nJ \n \nA \n \nS \n \nO \n \nN \n \nD \n \nJ \n \nF \n \nM \n \nDOLLARS \n \nManufacturing \n \nPeriod \n \nAvg. Work Week \n \nWeekly Earnings \n \n2003 :Q2 Q3 Q4 \n2004 :Q1 Q2 Q3 Q4 \n2005 Jan Feb Mar \n \n39.2 \n \n$623.59 \n \n34.3 \n \n539.20 \n \n34.8 \n \n530.90 \n \n35.4 \n \n559.42 \n \n35.9 \n \n589.50 \n \n35.6 \n \n575.64 \n \n38.0 \n \n583.36 \n \n37.3 \n \n562.01 \n \n39.0 \n \n565.35 \n \n39.5 \n \n591.90 \n \n1 Rate at the end of each quarter, except for monthly rates. * Unemployment rate prior to seasonal adjustments. \n \n14 Economic Indicators / First Quarter 2005 \n \nDeflated Wkly Earnings \n$339.52 292.22 287.60 300.32 312.00 303.61 305.84 294.71 294.76 306.21 \n \nInitial Claims \n15,564 13,186 11,560 11,525 11,658 11,033 11,042 8,594 9,911 11,352 \n \nUnemployment \nContinued Claims \n178,406 161,618 146,319 126,715 140,060 126,179 120,799 84,374 110,323 145,589 \n \nRate 1* \n5.7% 4.8% 4.1% 4.6% 5.2% 4.7% 4.8% 4.9% 5.1% 4.9% \n \nGeorgia Department of Labor \n \n PERCENTAGES \n \nMILLIONS \n \nMetro Atlanta \n2. 5 2003-2004 2004-2005 \n2. 1 \n1. 7 \n1. 3 \n0. 9 \nInsured Unemployment Rate \n0. 5 \n7. 0 \n \nHOUSEHOLD UNITS ( THOUSANDS ) \n \n$9 2003-2004 2004-2005 \n$8 \n$7 \n$6 \n$5 \nResidential Construction \n$4 \n$ 750 \n \n6. 5 \n \n$ 600 \n \n6. 0 \n \n$ 450 \n \nMILLIONS \n \n5. 5 \n \n$ 300 \n \n5. 0 \nMARTA Passengers \n4. 5 \n270 \n \n$ 150 \nNonresidential Construction \n$0 \n$ 510 \n \n250 \n \n$ 410 \n \n230 \n \n$ 310 \n \nMILLIONS \n \n210 \n \n$ 210 \n \n190 \nCobb Community Transit Passengers \n \n$ 110 \nDeflated Nonresidential Construction \n \n170 \n \n$ 10 \n \nA \n \nM \n \nJ \n \nJ \n \nA \n \nS \n \nO \n \nN \n \nD \n \nJ \n \nF \n \nM \n \nA \n \nM \n \nJ \n \nJ \n \nA \n \nS \n \nO \n \nN \n \nD \n \nJ \n \nF \n \nM \n \nTHOUSANDS \n \nPeriod \n \nInsured Unemployment \nRate 2 \n \nTransit Passengers \n \nMARTA 1 \n \nCobb Community \n \n2003 :Q2 \n \n1.93% \n \n5,570,400 \n \n190,276 \n \nQ3 \n \n1.75% \n \n5,506,000 \n \n202,328 \n \nQ4 \n \n1.54% \n \n5,577,700 \n \n217,738 \n \n2004 :Q1 \n \n1.47% \n \n5,538,100 \n \n216,195 \n \nQ2 \n \n1.53% \n \n5,618,800 \n \n212,866 \n \nQ3 \n \n1.40% \n \n5,215,200 \n \n222,526 \n \nQ4 \n \n1.28% \n \n5,333,100 \n \n244,547 \n \n2005 Jan \n \n1.17% \n \n5,250,000 \n \n248,208 \n \nFeb \n \n1.24% \n \n5,547,000 \n \n238,233 \n \nMar \n \n1.27% \n \n5,345,100 \n \n1 Data rounded 2 Rate at the end of each quarter, except for monthly rates. 3 Household units \n \n247,185 \n \nGeorgia Department of Labor \n \nResidential 3 \n4,623 6,149 5,992 5,843 5,370 6,364 7,313 5,400 5,652 5,793 \n \nConstruction \nNonresidential 1 \n$250,483,000 290,529,000 186,460,000 303,366,000 299,017,000 311,217,000 299,137,000 150,358,000 234,929,000 184,648,000 \n \nDeflated Non-res1 \n$193,067,000 222,000,000 139,800,000 224,133,000 215,100,000 219,500,000 207,267,000 103,400,000 162,400,000 127,900,000 \n \nEconomic Indicators / First Quarter 2005 15 \n \n PERCENTAGES \n \nDOLLARS \n \nMetro Atlanta \n75 2003-2004 2004-2005 \n69 \n63 \n56 \n50 \nHotel Occupancy \n44 \n$ 110 \n$ 100 \n$ 90 \n$ 80 \n$ 70 \nAverage Hotel Room Rates \n$ 60 \n$ 60 \n \nPERCENTAGES \n \nPERCENTAGES \n \n7. 60 7. 00 \n \n2003-2004 2004-2005 \n \n6. 40 \n \n5. 80 \n \n5. 20 \nAverage 30-Year Fixed Mortgage Rates \n4. 60 \n7. 10 \n \n6. 48 \n \n5. 86 \n \n5. 24 \n \n4. 62 \nAverage 15-Year Fixed Mortgage Rates \n4. 00 \n7. 41 \n \n$ 54 \n \n6. 21 \n \nPERCENTAGES \n \n$ 48 \n \n5. 01 \n \n$ 42 \n \n3. 81 \n \n$ 36 \n \n2. 61 \n \nDeflated Average Hotel Room Rates \n \nAverage One-Year Adjustable Mortgage Rates \n \n$ 30 \n \n1. 41 \n \nA \n \nM \n \nJ \n \nJ \n \nA \n \nS \n \nO \n \nN \n \nD \n \nJ \n \nF \n \nM \n \nA \n \nM \n \nJ \n \nJ \n \nA \n \nS \n \nO \n \nN \n \nD \n \nJ \n \nF \n \nM \n \nDOLLARS \n \nHotel Data \n \nPeriod \n \nOccupancy % 3 \n \nRoom Rates 3 \n \nDeflated Room Rates 3 \n \n2003 :Q2 \n \n55.3% \n \n$72.16 \n \n$39.29 \n \nQ3 \n \n63.4% \n \n92.57 \n \n50.16 \n \nQ4 \n \n61.8% \n \n93.24 \n \n50.51 \n \n2004 :Q1 \n \n65.1% \n \n93.48 \n \n50.18 \n \nQ2 \n \n61.9% \n \n94.90 \n \n50.23 \n \nQ3 \n \n64.7% \n \n95.13 \n \n50.17 \n \nQ4 \n \n64.9% \n \n101.89 \n \n53.42 \n \n2005 Jan \n \n68.7% \n \n98.96 \n \n51.89 \n \nFeb \n \n66.8% \n \n94.58 \n \n49.31 \n \nMar \n \n66.7% \n \n93.79 \n \n48.52 \n \n1 Rate does not include points 2 Mortgage rates are not seasonally adjusted \n3 Hotel data compiled after July 2003 is not comparable to prior time periods. \n \n16 Economic Indicators / First Quarter 2005 \n \n3 0 - Ye a r Fixed 1,2 \n5.22% 6.20% 5.91% 5.47% 6.35% 5.83% 5.80% 5.77% 5.66% 5.99% \n \nMortgage Rates \n \n1 5 - Ye a r Fixed 1,2 \n \nO n e - Ye a r Rate Adjustable1,2 \n \n4.61% 5.47% 5.24% 4.78% 4.77% 5.30% 5.20% 5.15% 5.07% 5.43% \n \n3.18% 3.66% 3.57% 3.07% 4.11% 3.77% 4.10% 4.03% 4.04% 4.34% \n \nGeorgia Department of Labor \n \n Dear Subscriber to Economic Indicators: Several new methods for releasing the Economic Indicators publication have been introduced \nwithin the last few years. 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Workforce Information and Analysis"],"dc_date":["2005"],"dcterms_description":["Quarterly","Latest issue consulted: Vol. 9, issue 2 (2nd quarter 2003)","Merger of: Georgia economic indicators. Monthly report, and: Metro Atlanta economic indicators. Monthly report"],"dc_format":["application/pdf"],"dcterms_identifier":null,"dcterms_language":["eng"],"dcterms_publisher":["Atlanta, Ga. : Georgia Dept. of Labor, Workforce Information and Analysis, 2005"],"dc_relation":null,"dc_right":["http://rightsstatements.org/vocab/InC/1.0/"],"dcterms_is_part_of":null,"dcterms_subject":["Georgia--Economic conditions--Statistics--Periodicals","Economic indicators--Georgia--Periodicals"],"dcterms_title":["Georgia-Atlanta economic indicators. Quarterly report, Vol. 11, no. 2 (Second quarter 2005)","Georgia economic indicators. Quarterly report","Quarterly report","Georgia economic indicators. Monthly report","Metro Atlanta economic indicators. Monthly report"],"dcterms_type":["Text"],"dcterms_provenance":["University of Georgia. Map and Government Information Library"],"edm_is_shown_by":["https://dlg.galileo.usg.edu/do:dlg_ggpd_i-ga-bl200-pe46-bp1-be31-b11-s2-belec-p-btext"],"edm_is_shown_at":["https://dlg.galileo.usg.edu/id:dlg_ggpd_i-ga-bl200-pe46-bp1-be31-b11-s2-belec-p-btext"],"dcterms_temporal":null,"dcterms_rights_holder":null,"dcterms_bibliographic_citation":null,"dlg_local_right":null,"dcterms_medium":["reports","state government records"],"dcterms_extent":null,"dlg_subject_personal":null,"iiif_manifest_url_ss":null,"dcterms_subject_fast":null,"fulltext":"Economic Indicators \n \nA Quarterly Report of Georgia and Metro Atlanta Labor Market and Economic Trends \n \nSecond Quarter 2005 \n \nVolume 11, Issue 2 \n \nGeorgia Department of Labor \nMichael L. Thurmond Commissioner \n \n Georgia-Atlanta Economic Indicators \nQuarterly Report Second Quarter - 2005 \nVolume 11, Issue 2 \n \nCover art: Jekyll Island Club, Georgia by Huey J. Theus \nGeorgia Economic Indicators, Quarterly Report, is published by Workforce Information and Analysis, a division of the Georgia Department of Labor, 148 Andrew Young International Boulevard, N.E., Atlanta, Georgia 30303-1751. The telephone number is (404) 232-3875. \nVisit the Georgia Department of Labor web site at www.dol.state.ga.us \n \nGeorgia Department of Labor \nMichael L. Thurmond, Commissioner \n \nEqual Opportunity Employer/Programs - Auxiliary Aids and Services Available Upon Request to Individuals With Disabilities \n \nGeorgia Department of Labor \n \nEconomic Indicators / Second Quarter 2005 \n \n Contents \nHistory ............................................................................................................................................................ 1 Introduction ................................................................................................................................................. 2 U.S. Consumer Price Index ......................................................................................................................... 3 Georgia Index of Economic Indicators ...................................................................................................... 4 Georgia Data Summary ................................................................................................................................ 5 \nEmployment, Manufacturing Wages and Hours .................................................................................... 6 Nonagricultural, Retail, Manufacturing,Workweek, Earnings and Deflated Earnings \nJob Openings, Unemployment Data and Vehicle Sales ........................................................................ 7 Nonagricultural Job Openings Unfilled, Initial/ Continued Unemployment Claims, Unemployment Rate, Insured Unemployment Rate and New Motor Vehicle Sales \nConstruction, New Business and State Revenue ................................................................................... 8 Residential/ Nonresidential Construction, Deflated Nonresidential Construction, New Business Corporations, Total/ Deflated State Revenue \nConsumer Price Index for the South or Metro Atlanta ........................................................................... 9 Metro Atlanta Index of Economic Indicators ........................................................................................... 10 Atlanta Data Summary ................................................................................................................................ 11 \nEmployment Data ......................................................................................................................................... 12 Nonagricultural, Wholesale, (Retail Accommodation and Food Services), Manufacturing and Government \nEmployment Data - Continued ..................................................................................................................... 13 Construction, (Transportation, Warehousing \u0026 Utilities), Financial Activities, Professional and Business Services, Hospital Services and Social Assistance \nManufacturing Workweek, Earnings and Unemployment Data .......................................................... 14 Manufacturing -(Workweek, Earnings and Deflated Earnings), Initial/ Continued Unemployment Claims and Unemployment Rates \nUnemployment Data, Transit and Construction Data ............................................................................ 15 Insured Unemployment Rate, MARTA Passengers, Cobb Community Transit Passengers, Residential/ Nonresidential Construction and Deflated Nonresidential Construction \nHotel and Mortgage Rates ......................................................................................................................... 16 Hotel Occupancy, Average Hotel Room Rates, Deflated Average Hotel Room Rates, Average 30-Year/ 15-Year Fixed Mortgage Rates and Average One-Year Adjustable Mortgage Rates \n \n History \nThe Jekyll Island Club Hotel, located on a Georgia barrier island of unusual natural beauty, is a Victorian treasure. Recognized as a National Historic Landmark in 1978, it has been designated a Historic Hotel of America by the National Trust for Historic Preservation. Originally a hunting retreat for the nation's wealthy elite, the hotel today is a unique resort with architectural character and a charming historic ambience. \nThe main structures, built between 1887 and 1902, were designed by Charles Alexander of Chicago and Charles Alling Gifford of New York. Alexander designed the original club house in the American Queen Anne style, incorporating into its plan the turret which dominates the roof line, extensive verandas, bay windows, extended chimneys and overall asymmetrical design. \nHandsome interior details include Ionic columns in the dining room, twelve-and fifteen-foot ceilings, oak wainscoting and other handsomely detailed woodwork, as well as leaded art glass and 93 distinctively detailed fireplaces. Gifford, associated with the New York architectural firm of McKim, Mead, and White, designed a majority of the other club buildings. As an exclusive hunting retreat for the nation's wealthiest financiers and industrialists of the 1880's, the Jekyll Island Club was the site of events and meetings of historic significance in the latter part of the Victorian period. \nWilliam K. Vanderbilt, J.P. Morgan, William Rockefeller, Joseph Pulitzer and 50 or so of their friends, contemplating the ideal location for their hunting club in 1886, chose Jekyll Island. Its climate, abundant wild life, and natural beauty appealed to them. Once the decision was made, it took just two years to incorporate the club, purchase the island, and have the club house constructed. In January of 1888, they gathered their families and boarded their yachts for the first \"season\" on Jekyll. They expected to have a wonderful time. And they did. A collection of sepia photographs captures the spirit of these families as they enjoyed Jekyll's considerable outdoor pleasures...morning hunting trips, lawn parties, carriage rides, leisurely afternoons at the beach. Dinner each evening, however, was the high point of the day. Women would spend hours selecting the dresses they would wear to the dining room; men would have definite ideas about what they hoped to accomplish in over-dinner conversations with each other. In those conversations decisions might be made which would literally determine the next president of the country, the health of the nation's economy, or the career of any of their peers. \nThe events of the world impacted the members of the Club, and in turn club members had far reaching effects on the nation. World War I offered several members the opportunity to give their yachts to the U.S. war effort and to provide financial assistance. Although several members had had considerable influence in mitigating the force of economic panics throughout the last half of the 1800's and later, no one was powerful enough to prevent the Great Depression. In two year's time, half the Club's membership dropped away. The final blow to the life of the Club, however, was World War II and the threat of enemy submarines just off the coast. Members left in 1942 expecting to return another year, but, indeed few ever returned. \nBy 1947 the State of Georgia gained the ownership of the island and established it as a state park. Jekyll Development Associates leased the present hotel structures and grounds from the State of Georgia, completely rejuvenated them, and further prepared for the opening of the Jekyll Island Club Hotel in 1986. \nCrane Cottage and Cherokee Cottage, Italian Renaissance in architectural style, have recently been added to the hotel's collection of overnight accommodations. The architectural firm of Smith Dalia, LLC, of Atlanta, GA, designers for the $5.5 million project, worked with the Jekyll Island State Park Authority in developing the Historic District Master Plan in 1997. Their work on this new chapter in Jekyll Island history, an example of their commitment to excellence and integrity in historic renovation, has resulted in a beautiful recreation of Crane and Cherokee Cottages. \nGuests visiting the Jekyll Island Club Hotel today may enjoy dinner in the Grand Dining Room where former members of the club made significant decisions, enjoy the beauty of the leaded art glass and other interior details, and imagine visiting the club for the \"season\" in the early 1900's. Whether their primary interest is architecture or history, guests find their visit rewarding to the Jekyll Island Club Hotel, a Victorian treasure. \n \n Introduction \n \nG eorgia Economic Indicators, Quarterly Report, is designed to provide data on a number of indicators used \nto measure movement of the state's economy in a single publication. \nOur publication has changed. \nThe Georgia and Metropolitan Altanta Economic Indicator series, previously published as two separate monthly publications, are now published as a single quarterly publication. Graphs will continue to display data in monthly increments; whereas companion data tables will display the 3-month average for each series (for 7 quarters) before alternating to a monthly format for the most recent quarter. \nAll data except those contained in the U.S. and Atlanta Consumer Price Index chart on Pages 3 and 9 are seasonally adjusted using the X11 ARIMA method. They are presented in graphic and tabular form along with an analysis. Each series shows movement over a 24-month period. Where appropriate, companion graphs and tables show data that have been deflated by the U.S. Consumer Price Index or the U.S. Construction Price Index. The purpose is to adjust for inflation and show growth in constant dollars. \nHistorical tables and graphs are included in a supplementary Georgia Economic Indicators, Historical Series, published annually. \nWorkforce Information and Analysis welcomes comments, suggestions or questions concerning the GeorgiaAtlanta Economic Indicators, Quarterly Report and Historical Series. Please address correspondence to Bill Webb, Workforce Information and Analysis, Georgia Department of Labor, 148 Andrew Young International Boulevard, N.E., Atlanta, Georgia 30303-1751. The telephone number is (404) 232-3875. \nNote: The area formerly known as the Atlanta MSA has been changed to Atlanta-Sandy SpringsMarietta MSA which now includes: Barrow, Bartow, Butts, Carroll, Cherokee, Clayton, Cobb, Coweta, Dawson, Dekalb, Douglas, Fayette, Forsyth, Fulton, Gwinnett, Haralson, Heard, Henry, Jasper, Lamar, Meriwether, Newton, Paulding, Pickens, Pike, Rockdale, Spalding and Walton counties. \n \nData Sources \n \nGeorgia Indexes of Leading and Coincident Economic Indicators*, Initial Unemployment Claims, Continuing Unemployment Claims, Insured Unemployment Rate, Nonagricultural Job Openings Unfilled, Weekly Manufacturing Earnings, Manufacturing Workweek and Employment data. -- Georgia Department of Labor \nConsumer Price Index -- U.S. Bureau of Labor Statistics, adapted from commentary by Michael Wald New Motor Vehicles, State Sales and Use Tax Collections and Total Revenue Collections -- Georgia Department of Revenue New Business Corporations -- Georgia Secretary of State Residential Construction and Construction Price Index -- U.S. Department of Commerce Nonresidential Construction -- F.W. Dodge, McGraw-Hill Construction Information Group MARTA Passengers -- Metropolitan Atlanta Rapid Transit System CCT Passengers -- Cobb Community Transit System Hotel Occupancy and Room Rates -- PKF Consulting, Atlanta, GA (as of July 2003) Mortgage Rates -- HSH Associates, Financial Publishers, Butler, NJ \n* Model for Georgia Indexes of Leading and Coincident Economic Indicators developed by Georgia State University's Economic Forecasting Center \n \n2 Economic Indicators / Second Quarter 2005 \n \nGeorgia Department of Labor \n \n Consumer Price Index \n \nChart is not seasonally adjusted \n \nYEAR \n \nJAN \n \nFEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC \n \nANN AVG \n \n* CPI RATE \n \n1992 \n \n138.1 \n \n138.6 \n \n139.3 \n \n139.5 139.7 140.2 140.5 140.9 \n \n141.3 \n \n141.9 \n \n142.0 \n \n141.9 \n \n140.3 \n \n2.9% \n \n1993 \n \n142.6 \n \n143.1 \n \n143.6 \n \n144.0 144.2 144.4 144.4 144.8 \n \n145.1 \n \n145.7 \n \n145.8 \n \n145.8 \n \n144.5 \n \n2.7% \n \n1994 \n \n146.2 \n \n146.7 \n \n147.2 \n \n147.4 147.5 148.0 148.4 149.0 \n \n149.4 \n \n149.5 \n \n149.7 \n \n149.7 \n \n148.2 \n \n2.7% \n \n1995 \n \n150.3 \n \n150.9 \n \n151.4 \n \n151.9 152.2 152.5 152.5 152.9 \n \n153.2 \n \n153.7 \n \n153.6 \n \n153.5 \n \n152.4 \n \n2.5% \n \n1996 \n \n154.4 \n \n154.9 \n \n155.7 \n \n156.3 156.6 156.7 157.0 157.3 \n \n157.8 \n \n158.3 \n \n158.6 \n \n158.6 \n \n156.9 \n \n3.3% \n \n1997 \n \n159.1 \n \n159.6 \n \n160.0 \n \n160.2 160.1 160.3 160.5 160.8 \n \n161.2 \n \n161.6 \n \n161.5 \n \n161.3 \n \n160.5 \n \n1.7% \n \n1998 \n \n161.6 \n \n161.9 \n \n162.2 \n \n162.5 162.8 163.0 163.2 163.4 \n \n163.6 \n \n164.0 \n \n164.0 \n \n163.9 \n \n163.0 \n \n1.6% \n \n1999 \n \n164.3 \n \n164.5 \n \n165.0 \n \n166.2 166.2 166.2 166.7 167.1 \n \n167.9 \n \n168.2 \n \n168.3 \n \n168.3 \n \n166.6 \n \n2.7% \n \n2000 \n \n168.7 \n \n169.7 \n \n171.1 \n \n171.2 171.3 172.3 172.6 172.8 \n \n173.7 \n \n174.0 \n \n174.1 \n \n174.0 \n \n172.1 \n \n3.4% \n \n2001 \n \n175.1 \n \n175.8 \n \n176.2 \n \n176.9 177.7 178.0 177.5 177.5 \n \n178.3 \n \n177.7 \n \n177.4 \n \n176.7 \n \n177.1 \n \n1.6% \n \n2002 \n \n177.1 \n \n177.8 \n \n178.8 \n \n179.8 179.8 179.9 180.1 180.7 \n \n181.0 \n \n181.3 \n \n181.3 \n \n180.9 \n \n179.9 \n \n2.4% \n \n2003 \n \n181.7 \n \n183.1 \n \n184.2 \n \n183.8 183.5 183.7 183.9 184.6 \n \n185.2 \n \n185.0 \n \n184.5 \n \n184.3 \n \n184.0 \n \n1.9% \n \n2004 \n \n185.2 \n \n186.2 \n \n187.4 \n \n188.0 189.1 189.7 189.4 189.5 \n \n189.9 \n \n190.9 \n \n191.0 \n \n190.3 \n \n188.9 \n \n3.3% \n \n2005 \n \n190.7 \n \n191.8 \n \n193.3 \n \n194.6 \n \n* Rate computed from December to December \n \n194.4 \n \n194.5 \n \nSource: U.S. Bureau Of Labor Statistics @www.bls.gov \n \nCPI Cools Down in June \n \nThe Consumer Price Index for All Urban Consumers (CPI-U) increased 0.1 percent in June, before seasonal adjustment, as reported by the Bureau of Labor Statistics of the U.S. Department of Labor. The June level of 194.5 (1982-84=100) was 2.5 percent higher than in June 2004. \nOn a seasonally adjusted basis, the CPI-U was unchanged in June, following a decrease of 0.1 percent in May. Energy costs declined for the second consecutive month, down 0.5 percent in June. The index for all items less food and energy increased 0.1 percent in June, the same as in May. An upturn in shelter costs was offset by declines or smaller increases in most other nonfood and non-energy indexes. \nConsumer prices increased at a seasonally adjusted annual rate (SAAR) of 1.9 percent in the second quarter after advancing at a 4.3 percent rate in the first three months of 2005. This brings the year-to-date annual rate to 3.1 percent and compares with an increase of 3.3 percent in all of 2004. The index for energy, which rose 16.6 percent in 2004, advanced at a 14.1 \n \npercent SAAR in the first half of 2005 and accounted for 35 percent of the advance in the overall CPI-U during the first six months of 2005. \nThe CPI-U excluding food and energy advanced at a 1.2 percent SAAR in the second quarter, following an increase of 3.3 percent in the first three months of 2005. A smaller increase in shelter costs was primarily responsible for the slowdown in the second quarter. \nThe index for housing rose 0.1 percent in June. Shelter costs, which were virtually unchanged in each of the two preceding months, rose 0.2 percent in June. The index for fuels and utilities rose 0.1 percent. The index for household furnishings and operations, which rose 0.6 percent in May, declined 0.6 percent in June. A 1.3 percent decline in the index for furniture and bedding accounted for about half of the overall June decrease. \nThe transportation index declined 0.1 percent in June. The index for gasoline declined for the second consecutive month, down 1.2 percent in June after falling 4.4 percent in May. The index for new vehicles was \n \nunchanged, while the index for used cars and trucks rose 0.8 percent in June. The index for public transportation increased 1.2 percent in June, largely reflecting an increase in the index for airline fares. Airline fares registered their fifth consecutive advance, up 2.3 percent in June. With the recent advances, airline fares are not only 5.8 percent higher than a year ago, but are now higher than in the month prior to the terrorist attacks in 2001. \nThe index for apparel was unchanged in May, declined 0.7 percent in June. (Prior to seasonal adjustment, apparel prices declined 3.3 percent, reflecting seasonal discounting of spring-summer wear.) \nMedical care costs rose 0.2 percent in June to a level 4.2 percent higher than a year ago. The index for medical care commodities increased 0.3 percent in June. The index for medical care services rose 0.2 percent in June, with the indexes for professional services and for hospital and related services up 0.1 percent \n \nGeorgia Department of Labor \n \nEconomic Indicators / Second Quarter 2005 3 \n \n Georgia Index of Economic Indicators \n234 \nLeading indicators Coincident indicators \n208 \n \n181 \n \n154 \n \n128 \n1990 = 100 \n \n101 1998 \n \n1999 \n \n2000 \n \n2001 \n \n2002 \n \n2003 \n \n2004 \n \n2005 \n \n2006 \n \nAuto Sales Help Index Move Forward \nNote: All indicators are seasonally adjusted. \n*** \n \nThe Georgia Department of Labor's Economic Indicators laid out the ground work for a prosperous second quarter. After the indexes were hit with a batch of mixed signals during the first quarter, a collection of positive gains uplifted the economic indicators in the second quarter. \nThe Leading Economic Indicator (LEI) ended the quarter at 195.2, up 1.7%, higher than the 0.1% reported in the previous quarter, but lower than the 2.7% recorded in Q2 of 2004. During the three month reporting period the index increased in April and May up 0.5% and 1.5%, respectively, before declining 0.2% in June. Some creative marketing helped to sell more autos during the quarter, which added to the index's momentum along with a few months of strong construction activity. \n \nAmerican car manufacturers have stepped up their marketing campaigns with employee discount programs. Sales of automotive vehicles nationwide increased in June (total auto sales were up 23.5% in Georgia after seasonal adjustment). Residential construction (up 23.3% in May) continues to thrive despite measured rate increases by the Federal Reserve. Commercial construction (up 51.1% in April) seems to be picking up momentum as the economic picture becomes clearer. \nThe manufacturing workweek remained below the 40 hour mark since the second quarter of 2003. Initial jobless claims remained under 40K, but moved upward over the quarter. \n \nThe Coincident Economic Indicator (CEI) advanced to 186.3 at a moderate pace over the reporting period. The index ended the quarter up 0.6%, slightly lower than the 0.8% increase in Q1 and the 0.9% posted in the second quarter of last year. The index increased in April (0.2%), May (0.2%) and June (0.1%). \nDespite a higher jobless rate of 5.6% and lackluster hiring in the retail sector, the index managed to post positive results over the quarter. \nEconomic activity seems to point to more moderate growth in the second half of the year. However, significantly higher fuel costs and interest rates could possibly dampen growth. \n \n4 Economic Indicators / Second Quarter 2005 \n \nGeorgia Department of Labor \n \n Georgia \nNonagricultural Employment change from previous month \nRetail Employment change from previous month \nManufacturing Employment change from previous month \nManufacturing Workweek (hours) change from previous month \nWeekly Manufacturing Earnings change from previous month \nNonagricultural Job Openings Unfilled change from previous month \nInitial Unemployment Claims change from previous month \nContinued Unemployment Claims change from previous month \nUnemployment rate (not seasonally adjusted) change from previous month \nInsured Unemployment Rate change from previous month \nNew Motor Vehicle Sales change from previous month \nResidential Construction ( building permits ) change from previous month \nNonresidential Construction ( dollar value ) change from previous month \nNew Business Corporations change from previous month \nTotal State Revenues ( in millions ) change from previous month \nDeflated State Revenues ( in millions ) change from previous month \nGeorgia Department of Labor \n \nJun 2005 \n3,899,157 -0.37% \n \nMay 2005 \n3,913,446 -0.14% \n \nApr 2005 \n3,919,042 0.39% \n \n437,562 -0.04% \n \n437,720 0.19% \n \n436,877 0.09% \n \n438,405 -0.01% \n \n438,468 -0.10% \n \n438,927 0.04% \n \n39.1 -0.37% \n \n39.2 0.01% \n \n39.2 0.75% \n \n$571.97 -1.28% \n \n$579.41 -2.16% \n \n$592.22 4.65% \n \n19,938 7.17% \n \n18,605 10.44% \n \n16,846 -8.91% \n \n39,359 14.64% \n \n34,334 -12.51% \n \n39,243 8.11% \n \n237,221 -8.76% \n \n260,002 23.89% \n \n209,865 -3.49% \n \n5.6% \n \n5.0% \n \n4.7% \n \n- - \n \n- - \n \n- - \n \n1.47% - - \n \n1.40% - - \n \n1.43% - - \n \n50,960 23.53% \n \n41,254 -10.56% \n \n46,126 1.54% \n \n8,285 -11.79% \n \n9,393 23.27% \n \n7,620 -9.36% \n \n$619,200,299 5.60% \n \n$586,371,142 -4.24% \n \n$612,333,819 51.17% \n \n6,505 -19.21% \n \n8,052 35.94% \n \n5,923 -5.64% \n \n$1,191,806,137 0.15% \n \n$1,190,043,169 -16.90% \n \n$1,432,045,287 2.57% \n \n$612,755,800 0.10% \n \n$612,160,500 -16.81% \n \n$735,894,100 1.88% \n \nEconomic Indicators / Second Quarter 2005 5 \n \n MILLIONS \n \nTHOUSANDS \n \nGEORGIA \n4. 00 \n \n3. 96 \n \n2003-2004 2004-2005 \n \n3. 92 \n \n42. 2 40. 7 39. 3 \n \n2003-2004 2004-2005 \n \nHOURS \n \n3. 88 \n \n37. 8 \n \n3. 84 \nNonagricultural Employment \n3. 80 \n500 \n \n36. 4 \nManufacturing Workweek \n34. 9 \n$ 645 \n \n480 \n \n$ 615 \n \nDOLLARS \n \n460 \n \n$ 585 \n \n440 \n \n$ 555 \n \n420 \nRetail Employment \n400 \n500 \n \n$ 525 \nAverage Weekly Manufacturing Earnings \n$ 495 \n$ 345 \n \n480 \n \n$ 330 \n \n460 \n \n$ 315 \n \nDOLLARS \n \n440 \n \n$ 300 \n \n420 \n \n$ 285 \n \nManufacturing Employment \n \nDeflated Average Weekly Manufacturing Earnings \n \n400 \n \n$ 270 \n \nJ \n \nA \n \nS \n \nO \n \nN \n \nD \n \nJ \n \nF \n \nM \n \nA \n \nM \n \nJ \n \nJ \n \nA \n \nS \n \nO \n \nN \n \nD \n \nJ \n \nF \n \nM \n \nA \n \nM \n \nJ \n \nEmployment \n \n2003: Q3 Q4 \n2004: Q1 Q2 Q3 Q4 \n2005: Q1 2005: Apr \nMay Jun \n \nNonag \n3,846,207 3,848,627 3,877,436 3,891,582 3,898,102 3,895,607 3,907,635 3,919,042 3,913,446 3,899,157 \n \nRetail \n445,490 443,968 445,439 446,187 443,833 438,502 436,869 436,877 437,720 437,562 \n \nMfg. \n447,182 446,385 447,818 446,366 444,998 442,166 440,455 438,927 438,468 438,405 \n \nAll graphs contain monthly data and are seasonally adjusted, except where noted. \n \nManufacturing \n \nAvg. Work Week \n \nWeekly Earnings \n \n39.2 \n \n$549.22 \n \n38.9 \n \n554.56 \n \n39.4 \n \n575.53 \n \n39.5 \n \n588.75 \n \n38.9 \n \n566.95 \n \n38.9 \n \n546.90 \n \n39.4 \n \n563.47 \n \n39.2 \n \n592.22 \n \n39.2 \n \n579.41 \n \n39.1 \n \n571.97 \n \nDeflated Wkly Earnings \n$297.59 300.41 308.96 311.63 299.03 286.73 293.58 304.33 298.05 294.07 \n \nTHOUSANDS \n \n6 Economic Indicators / Second Quarter 2005 \n \nGeorgia Department of Labor \n \n THOUSANDS \n \nTHOUSANDS \n \nGEORGIA \n25. 0 \n2003-2004 2004-2005 \n21. 0 \n \n6. 0 2003-2004 2004-2005 \n5. 4 \n \nPERCENTAGES \n \n17. 0 \n \n4. 8 \n \n13. 0 \n \n4. 3 \n \n9. 0 \n \n3. 7 \n \nNonagricultural Job Openings Unfilled \n \n5. 0 \n \n3. 1 \n \n100. 0 \n \n2. 75 \n \n80. 0 \n \n2. 25 \n \nUnemployment Rate \n \nPERCENTAGES \n \n60. 0 \n \n1. 75 \n \n40. 0 \n \n1. 25 \n \n20. 0 \nInitial Unemployment Claims \n0. 0 550 \n450 \n350 \n \n0. 75 \nInsured Unemployment Rate \n0. 25 \n60 \n53 \n47 \n \nTHOUSANDS \n \n250 \n \n40 \n \n150 \n \nContinued Unemployment Claims \n \n50 \n \nJ \n \nA \n \nS \n \nO \n \nN \n \nD \n \nJ \n \nF \n \nM \n \nA \n \nM \n \nJ \n \n34 \n \nNew Motor Vehicle Sales \n \n27 \n \nJ \n \nA \n \nS \n \nO \n \nN \n \nD \n \nJ \n \nF \n \nM \n \nA \n \nM \n \nJ \n \nTHOUSANDS \n \n2003: Q3 Q4 \n2004: Q1 Q2 Q3 Q4 \n2005: Q1 2005: Apr \nMay Jun \n \nJob Openings \n13,958 14,006 14,722 15,209 15,039 17,725 18,588 16,846 18,605 19,938 \n \nInitial Claims \n53,114 44,851 41,766 37,971 38,071 39,087 32,510 39,243 34,334 39,359 \n \n1 Rate at the end of each quarter, except for monthly rates. * Unemployment rate prior to seasonal adjustments. \n \nGeorgia Department of Labor \n \nUnemployment \n \nContinued \nClaims \n307,311 \n \nRate 1* \n4.6% \n \n275,545 \n \n4.0% \n \n268,956 \n \n4.4% \n \n265,501 \n \n5.1% \n \n244,764 \n \n4.6% \n \n229,205 \n \n4.7% \n \n217,354 \n \n5.0% \n \n209,865 \n \n4.7% \n \n260,002 \n \n5.0% \n \n237,221 \n \n5.6% \n \nInsured 1 \n1.88% 1.73% 1.58% 1.62% 1.54% 1.40% 1.34% 1.43% 1.40% 1.47% \n \nNew Motor Vehicle Sales \n44,085 43,771 39,821 44,847 45,115 43,617 43,445 46,126 41,254 50,960 \n \nEconomic Indicators / Second Quarter 2005 \n \n7 \n \n HOUSEHOLD UNITS \n \nMILLIONS \n \nGEORGIA \n \n12, 200 10, 900 \n \n2003-2004 2004-2005 \n \n9, 600 \n \n8, 300 \n \n7, 000 \nResidential Construction \n5, 700 \n$ 810 \n \n$ 672 \n \nCHARTERS \n \n9,000 8,000 7,000 6,000 5,000 4,000 $ 1,683 $ 1,466 \n \n2003-2004 2004-2005 \nNew Business Corporations \n \n$ 534 \n \n$ 1,250 \n \nMILLIONS \n \n$ 396 \n \n$ 1,033 \n \n$ 258 \n \n$ 817 \n \nNonresidential Construction \n \n$ 120 \n \n$ 600 \n \nTotal State Revenue \n \n$ 675 \n \n$ 940 \n \n$ 550 \n \n$ 823 \n \n$ 425 \n \n$ 706 \n \nMILLIONS \n \n$ 300 \n \n$ 589 \n \n$ 175 \n \n$ 472 \n \nDeflated Nonresidential Construction \n \nDeflated Total State Revenue \n \n$ 50 \n \nJ \n \nA \n \nS \n \nO \n \nN \n \nD \n \n$ 355 \n \nJ \n \nF \n \nM \n \nA \n \nM \n \nJ \n \nJ \n \nA \n \nS \n \nO \n \nN \n \nD \n \nJ \n \nF \n \nM \n \nA \n \nM \n \nJ \n \nMILLIONS \n \nConstruction \n \nResidential 2 Non-residential 1 Deflated non-res 1 \n \n2003: Q3 \n \n8,754 \n \nQ4 \n \n8,593 \n \n2004: Q1 \n \n8,515 \n \nQ2 \n \n8,087 \n \nQ3 \n \n9,067 \n \nQ4 \n \n9,865 \n \n2005: Q1 \n \n8,080 \n \n2005: Apr \n \n7,620 \n \nMay \n \n9,393 \n \nJun \n \n8,285 \n \n1 Data rounded 2 Household units 3 Includes limited liability companies \n \n$476,499,000 362,503,000 471,027,000 502,442,000 485,288,000 500,660,000 383,588,000 612,334,000 586,371,000 619,200,000 \n \n$364,481,600 271,334,600 345,581,100 358,631,000 341,271,400 348,083,400 266,257,300 425,527,400 404,952,300 425,274,700 \n \n8 Economic Indicators / Second Quarter 2005 \n \nNew Business Corporations 3 \n5,601 6,158 5,463 6,075 6,314 5,936 6,099 5,923 8,052 6,505 \n \nTotal State \n \nRevenue 1 Deflated Rev. 1 \n \n$1,080,440,000 1,121,440,000 1,092,800,000 1,151,320,000 1,238,600,000 1,255,900,000 1,143,840,000 1,432,050,000 1,190,040,000 1,191,810,000 \n \n$585,392,800 607,497,300 586,685,800 609,379,000 653,270,000 658,458,600 595,956,900 735,894,100 612,160,500 612,755,800 \n \nGeorgia Department of Labor \n \n CCoonsnusmuemr PerircePInrdiecxefoIrnAdtleanxtafor Atlanta \n \nChart is not seasonally adjusted \n \nYEAR \n \nJAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC Rate * \n \n1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 \n \n159.5 161.9 167.4 175.3 176.1 180.7 180.7 185.3 \n \n160.8 164.0 169.8 176.6 178.6 182.1 182.3 188.0 \n \n119.1 124.9 130.8 135.5 138.6 142.2 146.7 150.3 154.7 158.3 162.0 164.8 170.9 177.8 179.1 181.5 185.7 189.6 \n \n161.9 165.9 172.1 176.9 179.7 181.7 184.1 \n \n162.0 166.5 171.9 176.7 179.4 180.1 183.9 \n \n121.7 127.3 132.6 136.2 138.5 144.7 146.7 151.5 157.2 159.5 161.6 167.0 171.9 174.8 177.3 179.0 183.2 \n \n3.3% 4.7% 4.4% 3.2% 1.9% 3.5% 2.3% 2.9% 3.4% 1.9% 1.4% 3.3% 2.9% 1.7% 1.4% 1.0% 2.3% \n \n* Rate computed from December to December \n \nSource: U.S. Bureau of Labor Statistics @ www.bls.gov \n \nInflation Hits the Metro Area \n \nThe Consumer Price Index for All Urban Consumers (CPI-U) for Atlanta increased 0.9 percent over the two months ending in June to a level of 189.6 (198284=100), not seasonally adjusted, as reported by the Bureau of Labor Statistics. For the 12 months ending in June 2005, the CPI-U for Atlanta increased 2.1 percent. \nOver the two months, higher costs for housing were partially offset by lower apparel and transportation costs. Excluding food and energy, the CPI-U for Atlanta increased 0.2 percent in the May-June pricing period. \nHousing costs in the Atlanta area moved up 2.6 percent in the \n \nMay-June pricing period. Shelter costs increased 1.2 percent, while costs for fuel and utilities rose 11.9 percent, reflecting a 36.5 percent growth in the costs of electricity. Costs for household furnishings and operations declined 1.4 percent over the two months. Over the past year, housing costs have increased 1.1 percent as costs for shelter rose 0.4 percent and fuel and utilities costs increased 5.1 percent. The index for household furnishings and operations declined 0.8 percent over the year. \nApparel costs dropped 8.0 percent over the previous two months. The most recent decline caused the index to decline 1.8 percent since June 2004. \nThe transportation index dropped 0.7 percent in June as costs for motor \n \nfuel declined 3.2 percent. Over the past year, the transportation index has risen 5.0 percent reflecting a 10.1 percent increase in the cost of motor fuel. \nThe index for medical care inched down 0.1 percent over the past two months. With the most recent decline, the medical care index has risen 7.0 percent since June 2004. \n \nGeorgia Department of Labor \n \nEconomic Indicators / Second Quarter 2005 9 \n \n Metro Atlanta Index of Economic Indicators \n200.0 \nLeading indicators Coincident indicators \n180.0 \n \n160.0 \n \n140.0 \n \n120.0 \n1995-96 = 100 \n \n100.0 \n \n98 \n \n99 \n \n00 \n \n01 \n \n02 \n \n03 \n \n04 \n \n05 \n \n'06 \n \nLead Indicator Extends Growth Prospects \n \nNote: All indicators are seasonally adjusted. \n \n*** \n \nAtlanta's economic indicators pointed upward in the second quarter and provided a little better view into the economic window of the future. After a barrage of mixed economic weather reports, things are starting to look a lot clearer. \nThe Leading Economic Indicators (LEI) has certainly benefited from the advancements made in housing and commercial developments. Gains made in the LEI surged ahead for three straight months to 190.9, up 2.3% during the quarter, reversing the first quarters decline, but falling short of the 2.9% posted last year in Q2. \nConstruction in the residential sector continues to gain momentum. Subdivisions are starting to dot the metro area like mushrooms after a heavy rain. One might wonder how long will this boom last, for all good things are sure to come to an end. \n \nAtlanta's moderate housing costs are certainly a draw to outside residents being priced out of their current housing market. \nResidential construction housing permits declined in April before rebounding in May (up 37.3%) and then contracting again in June. Commercial construction seems to have turned the corner with a sharp increase at the start of the quarter. Initial unemployment claims are running a little higher than the previous quarter. More people are also entering the workforce, which is a normal seasonal occurrence at this time of the year. The manufacturing workweek drifted lower over the quarter. \nThe Coincident Economic Indicator (CEI) advanced at a slower rate over the reporting period, but managed to post consecutive gains. \n \nThe index posted a quarterly growth rate of 0.8%, about half of the advance made in the previous quarter and less then the 1.4% posted in the second quarter of last year. \nThe metro area's higher jobless rate and flat retail employment kept the index advances to a minimum. \nOverall the Leading Economic Indicator continues to show strength, which will most likely continue over the next two quarters. The growth of the coincident economic indicator has slowed over the quarter, but things should pickup as the summer comes to a close, companies will start to rebuild inventory and retailers will ramp up hiring for the holidays. \n \n10 Economic Indicators / Second Quarter 2005 \n \nGeorgia Department of Labor \n \n Metro Atlanta \n \nJun-2005 \n \nMay-2005 \n \nPercent Percent \n \nChange Change \n \nMay-2005 Apr-2005 \n \nto \n \nto \n \nApr-2005 Jun-2005 May-2005 \n \nNonagricultural Employment \n \n2,264,978 \n \nWholesale Employment \n \n153,596 \n \nRetail Employment \n \n239,881 \n \nAccommodation and Food Services Employment \n \n188,585 \n \nManufacturing Employment \n \n173,141 \n \nGovernment Employment \n \n303,398 \n \nConstruction Employment \n \n124,989 \n \nTrans., Warehousing and Utilities Employment \n \n117,932 \n \nFinancial Activities Employment \n \n153,767 \n \nProfessional and Business Services Employment \n \n372,868 \n \nHospital Services Employment \n \n60,126 \n \nSocial Assistance Employment \n \n25,979 \n \nManufacturing Workweek \n \n37.1 \n \nManufacturing Earnings \n \n$602.41 \n \nDeflated Manufacturing Earnings \n \n$309.72 \n \nInitial Unemployment Claims \n \n11,297 \n \nContinued Unemployment Claims \n \n126,335 \n \nTotal Unemployment Rate ( not seasonally adjusted ) \n \n5.6 \n \nInsured Unemployment Rate \n \n1.41% \n \nMARTA Passengers \n \n5,625,000 \n \nCobb County Transit Passengers \n \n249,339 \n \nResidential Construction (household units) \n \n5,478 \n \nNonresidential Construction (value) \n \n$443,308,000 \n \nDeflated Nonresidential Construction \n \n$304,500,000 \n \nHotel Occupancy \n \n64.5% \n \nAverage Hotel Room Rates \n \n$102.12 \n \nDeflated Average Hotel Room Rate \n \n$52.50 \n \nAverage 30-Year Fixed Mortgage Rate \n \n5.73% \n \nAverage 15-Year Fixed Mortgage Rate \n \n5.17% \n \nAverage One-Year Adjustable Mortgage Rate \n \n4.24% \n \n2,273,622 154,192 240,350 188,735 173,551 307,941 124,873 118,381 153,297 373,775 59,959 26,222 36.7 $594.85 $305.99 12,963 142,985 5.0 1.37% \n5,205,000 222,230 6,496 \n$405,585,000 $280,100,000 \n64.0% $105.23 $54.13 \n5.83% 5.28% 4.16% \n \n2,277,951 -0.38% -0.19% \n \n154,464 -0.39% -0.18% \n \n239,347 -0.20% 0.42% \n \n190,152 -0.08% -0.75% \n \n174,229 -0.24% -0.39% \n \n310,932 -1.48% -0.96% \n \n124,781 0.09% 0.07% \n \n118,066 -0.38% 0.27% \n \n152,327 0.31% 0.64% \n \n375,998 -0.24% -0.59% \n \n59,504 0.28% 0.77% \n \n26,155 -0.93% 0.26% \n \n37.4 1.06% -1.79% \n \n$601.83 1.27% -1.16% \n \n$309.26 1.22% -1.06% \n \n11,110 -12.85% 16.68% \n \n109,146 -11.65% 31.00% \n \n4.7 \n \n- \n \n- \n \n1.33% \n \n- \n \n- \n \n5,743,000 8.07% -9.37% \n \n236,301 12.20% -5.95% \n \n4,728 -15.67% 37.39% \n \n$506,024,000 9.30% -19.85% \n \n$351,600,000 8.71% -20.34% \n \n69.6% \n \n- \n \n- \n \n$102.12 -2.96% 3.05% \n \n$52.47 -3.01% 3.16% \n \n5.98% \n \n- \n \n- \n \n5.41% \n \n- \n \n- \n \n4.27% \n \n- \n \n- \n \nGeorgia Department of Labor \n \nEconomic Indicators / Second Quarter 2005 11 \n \n MILLIONS \n \nTHOUSANDS \n \nMetro Atlanta \n \n2. 34 2. 30 \n \n2003-2004 2004-2005 \n \n2. 27 \n \n2. 23 \n \n2. 20 \nNonagricultural Employment \n2. 16 \n165 \n \n160 \n \nTHOUSANDS \n \n300 2003-2004 2004-2005 \n250 \n200 \n150 \n100 \nAccommodation and Food Services \n50 \n220 \n200 \n \nTHOUSANDS \n \n155 \n \n180 \n \n150 \n145 \nWholesale Employment \n140 270 \n260 \n250 \n \n160 \n140 \nManufacturing Employment \n120 330 \n320 \n310 \n \nTHOUSANDS \n \n240 \n \n300 \n \n230 \nRetail Employment \n \n220 \n \nJ \n \nA \n \nS \n \nO \n \nN \n \nD \n \nJ \n \nF \n \nM \n \nA \n \nM \n \nJ \n \n290 \nGovernment Employment \n \n280 \n \nJ \n \nA \n \nS \n \nO \n \nN \n \nD \n \nJ \n \nF \n \nM \n \nA \n \nM \n \nJ \n \nPeriod \n2003 :Q3 Q4 \n2004 :Q1 Q2 Q3 Q4 \n2005 :Q1 2005 Apr \nMay Jun \n \nNonag \n2,237,391 2,243,160 2,254,691 2,259,203 2,274,035 2,272,344 2,275,169 2,277,951 2,273,622 2,264,978 \n \nWholesale \n150,917 151,065 150,554 151,394 153,823 154,292 154,459 154,464 154,192 153,596 \n \nEmployment \n \nRetail \n \nAccom. \u0026 Food Services \n \n249,995 248,795 247,236 246,380 247,220 243,037 239,236 239,347 240,350 239,881 \n \n182,306 184,296 185,485 186,556 186,328 187,087 188,013 190,152 188,735 188,585 \n \nManufacturing \n177,806 176,986 177,835 177,857 176,922 174,927 174,174 174,229 173,551 173,141 \n \nGovernment \n296,627 297,469 303,507 299,891 305,498 307,727 310,392 310,932 307,941 303,398 \n \nTHOUSANDS \n \n12 Economic Indicators / Second Quarter 2005 \n \nGeorgia Department of Labor \n \n THOUSANDS \n \nTHOUSANDS \n \nMetro Atlanta \n138 2003-2004 2004-2005 \n132 \n126 \n120 \n114 \nConstruction Employment \n108 \n140 \n130 \n120 \n110 \n100 \nTransportation, Warehousing \u0026 Utilities Employment \n90 163 \n159 \n \nTHOUSANDS \n \nTHOUSANDS \n \n420 2003-2004 2004-2005 \n400 \n380 \n360 \n340 \nProfessional and Business Services Employment \n320 \n80 \n70 \n60 \n50 \n40 \nHospital Services Employment \n30 \n40 \n35 \n \n155 \n \n30 \n \nTHOUSANDS \n \n151 \n \n25 \n \n147 \nFinancial Activities Employment \n \n20 \nSocial Assistance Employment \n \n143 \n \nJ \n \nA \n \nS \n \nO \n \nN \n \nD \n \nJ \n \nF \n \nM \n \nA \n \nM \n \nJ \n \n15 \n \nJ \n \nA \n \nS \n \nO \n \nN \n \nD \n \nJ \n \nF \n \nM \n \nA \n \nM \n \nJ \n \nPeriod \n2003 :Q3 Q4 \n2004 :Q1 Q2 Q3 Q4 \n2005 :Q1 2005 Apr \nMay Jun \n \nConstruction \n120,868 123,082 125,076 124,381 125,193 124,718 125,754 124,781 124,873 124,989 \n \nTrans, Ware \u0026 Utilities \n116,895 116,637 119,201 119,400 119,016 119,182 119,883 118,066 118,381 117,932 \n \nEmployment \n \nFinancial Activities \n \nProfessional \u0026 Business Services \n \n152,364 150,754 150,501 151,369 152,373 153,238 152,645 152,327 153,297 153,767 \n \n359,423 363,675 364,933 368,159 372,896 374,397 375,818 375,998 373,775 372,868 \n \nHospital Services \n57,957 58,199 58,818 58,535 59,065 59,333 59,989 59,504 59,959 60,126 \n \nSocial Assistance \n26,618 25,947 26,261 25,751 26,582 26,206 26,331 26,155 26,222 25,979 \n \nTHOUSANDS \n \nGeorgia Department of Labor \n \nEconomic Indicators / Second Quarter 2005 13 \n \n HOURS \n \nDOLLARS \n \nMetro Atlanta \n \n41. 0 \n \n39. 0 \n \n2003-2004 2004-2005 \n \n37. 0 \n \n35. 0 \n \n33. 0 \nManufacturing Workweek \n31. 0 \n$ 670 \n \n$ 630 \n \n$ 590 \n \nTHOUSANDS \n \n25. 0 20. 0 \n \n2003-2004 2004-2005 \n \n15. 0 \n \n10. 0 \n \n5. 0 \nInitial Unemployment Claims \n0. 0 \n275 \n \n225 175 \n \nTHOUSANDS \n \n$ 550 \n$ 510 \nManufacturing Earnings \n$ 470 \n$ 420 \n \n125 \n75 \nContinued Unemployment Claims \n25 \n7.0 \n \n$ 380 \n \n$ 340 \n \n$ 300 \n \n$ 260 \nDeflated Manufacturing Earnings \n \n$ 220 \n \nJ \n \nA \n \nS \n \nO \n \nN \n \nD \n \nJ \n \nF \n \nM \n \nA \n \nM \n \nJ \n \nPERCENTAGES \n \n6.0 \n \n5.0 \n \n4.0 \n \nUnemployment Rate \n \n3.0 \n \nJ \n \nA \n \nS \n \nO \n \nN \n \nD \n \nJ \n \nF \n \nM \n \nA \n \nM \n \nJ \n \nDOLLARS \n \nManufacturing \n \nPeriod \n \nAvg. Work Week \n \nWeekly Earnings \n \n2003 :Q3 \n \n34.3 \n \n$539.20 \n \nQ4 \n \n34.8 \n \n530.90 \n \n2004 :Q1 \n \n35.4 \n \n559.42 \n \nQ2 \n \n35.9 \n \n589.50 \n \nQ3 \n \n35.6 \n \n575.64 \n \nQ4 \n \n38.0 \n \n583.36 \n \n2005 :Q1 \n \n38.6 \n \n573.15 \n \n2005 Apr \n \n37.4 \n \n601.83 \n \nMay \n \n36.7 \n \n594.85 \n \nJun \n \n37.1 \n \n602.41 \n \n1 Rate at the end of each quarter, except for monthly rates. * Unemployment rate prior to seasonal adjustments. \n \n14 Economic Indicators / Second Quarter 2005 \n \nDeflated Wkly Earnings \n$292.22 287.60 300.32 312.00 303.61 305.84 298.67 309.26 305.99 309.72 \n \nInitial Claims \n13,186 11,560 11,525 11,658 11,033 11,042 9,953 11,110 12,963 11,297 \n \nUnemployment \nContinued Claims \n161,618 146,319 126,715 140,060 126,179 120,799 113,429 109,146 142,985 126,335 \n \nRate 1* \n4.8% 4.1% 4.6% 5.2% 4.7% 4.8% 4.9% 4.7% 5.0% 5.6% \n \nGeorgia Department of Labor \n \n PERCENTAGES \n \nMILLIONS \n \nMetro Atlanta \n2.5 2003-2004 2004-2005 \n2.1 \n1.7 \n1.3 \n0.9 \nInsured Unemployment Rate \n0.5 \n6. 5 \n6. 0 \n5. 5 \n5. 0 \n4. 5 \nMARTA Passengers \n4. 0 270 \n \nMILLIONS \n \nHOUSEHOLD UNITS ( THOUSANDS ) \n \n$9 2003-2004 2004-2005 \n$8 \n$7 \n$6 \n$5 \nResidential Construction \n$4 \n$ 750 \n$ 600 \n$ 450 \n$ 300 \n$ 150 \nNonresidential Construction \n$0 \n$ 510 \n \n250 \n \n$ 410 \n \n230 \n \n$ 310 \n \nMILLIONS \n \n210 \n \n$ 210 \n \n190 \nCobb Community Transit Passengers \n \n$ 110 \nDeflated Nonresidential Construction \n \n170 \n \n$ 10 \n \nJ \n \nA \n \nS \n \nO \n \nN \n \nD \n \nJ \n \nF \n \nM \n \nA \n \nM \n \nJ \n \nJ \n \nA \n \nS \n \nO \n \nN \n \nD \n \nJ \n \nF \n \nM \n \nA \n \nM \n \nJ \n \nTHOUSANDS \n \nPeriod \n \nInsured Unemployment \nRate 2 \n \nTransit Passengers \n \nMARTA 1 \n \nCobb Community \n \n2003 :Q3 \n \n1.75% \n \n5,506,000 \n \n202,328 \n \nQ4 \n \n1.54% \n \n5,577,700 \n \n217,738 \n \n2004 :Q1 \n \n1.47% \n \n5,538,100 \n \n216,195 \n \nQ2 \n \n1.53% \n \n5,618,800 \n \n212,866 \n \nQ3 \n \n1.40% \n \n5,215,200 \n \n222,526 \n \nQ4 \n \n1.28% \n \n5,333,100 \n \n244,547 \n \n2005 :Q1 \n \n1.27% \n \n5,380,700 \n \n244,542 \n \n2005 Apr \n \n1.33% \n \n5,743,400 \n \n236,301 \n \nMay \n \n1.37% \n \n5,204,600 \n \n222,230 \n \nJun \n \n1.41% \n \n5,625,300 \n \n1 Data rounded 2 Rate at the end of each quarter, except for monthly rates. 3 Household units \n \n249,339 \n \nGeorgia Department of Labor \n \nResidential 3 \n6,149 5,992 5,843 5,370 6,364 7,313 5,615 4,728 6,496 5,478 \n \nConstruction \nNonresidential 1 \n$290,529,000 186,460,000 303,366,000 299,017,000 311,217,000 299,137,000 189,978,000 506,024,000 405,585,000 443,308,000 \n \nDeflated Non-res1 \n$222,133,000 139,533,000 222,767,000 213,133,000 219,000,000 207,833,000 131,900,000 351,600,000 280,100,000 304,500,000 \n \nEconomic Indicators / Second Quarter 2005 15 \n \n PERCENTAGES \n \nDOLLARS \n \nMetro Atlanta \n75 2003-2004 2004-2005 \n70 \n \n7. 60 7. 00 \n \n2003-2004 2004-2005 \n \nPERCENTAGES \n \n65 \n \n6. 40 \n \n60 \n \n5. 80 \n \n55 \nHotel Occupancy \n50 $ 120 \n$ 110 \n$ 100 \n$ 90 \n$ 80 \nAverage Hotel Room Rates \n$ 70 $ 65 \n \nPERCENTAGES \n \n5. 20 \nAverage 30-Year Fixed Mortgage Rates \n4. 60 7. 10 \n6. 48 \n5. 86 \n5. 24 \n4. 62 \nAverage 15-Year Fixed Mortgage Rates \n4. 00 7. 41 \n \n$ 60 \n \n6. 21 \n \nPERCENTAGES \n \n$ 55 \n \n5. 01 \n \n$ 50 \n \n3. 81 \n \n$ 45 \n \n2. 61 \n \nDeflated Average Hotel Room Rates \n \nAverage One-Year Adjustable Mortgage Rates \n \n$ 40 \n \n1. 41 \n \nJ \n \nA \n \nS \n \nO \n \nN \n \nD \n \nJ \n \nF \n \nM \n \nA \n \nM \n \nJ \n \nJ \n \nA \n \nS \n \nO \n \nN \n \nD \n \nJ \n \nF \n \nM \n \nA \n \nM \n \nJ \n \nDOLLARS \n \nHotel Data \n \nPeriod \n \nOccupancy % 3 \n \nRoom Rates 3 \n \nDeflated Room Rates 3 \n \n2003 :Q3 \n \n63.4% \n \n$92.57 \n \n$50.16 \n \nQ4 \n \n61.8% \n \n93.24 \n \n50.51 \n \n2004 :Q1 \n \n65.1% \n \n93.48 \n \n50.18 \n \nQ2 \n \n61.9% \n \n94.90 \n \n50.23 \n \nQ3 \n \n64.7% \n \n95.13 \n \n50.17 \n \nQ4 \n \n64.9% \n \n101.89 \n \n53.42 \n \n2005 :Q1 \n \n67.4% \n \n95.78 \n \n49.91 \n \n2005 Apr \n \n69.6% \n \n102.12 \n \n52.47 \n \nMay \n \n64.0% \n \n105.23 \n \n54.13 \n \nJun \n \n64.5% \n \n102.12 \n \n52.50 \n \n1 Rate does not include points 2 Mortgage rates are not seasonally adjusted \n3 Hotel data compiled after July 2003 is not comparable to prior time periods. \n \n16 Economic Indicators / Second Quarter 2005 \n \n3 0 - Ye a r Fixed 1,2 \n6.20% 5.91% 5.47% 6.35% 5.83% 5.80% 5.99% 5.98% 5.83% 5.73% \n \nMortgage Rates \n \n1 5 - Ye a r Fixed 1,2 \n \nO n e - Ye a r Rate Adjustable1,2 \n \n5.47% 5.24% 4.78% 4.77% 5.30% 5.20% 5.43% 5.41% 5.28% 5.17% \n \n3.66% 3.57% 3.07% 4.11% 3.77% 4.10% 4.34% 4.27% 4.16% 4.24% \n \nGeorgia Department of Labor \n \n Dear Subscriber to Economic Indicators: Several new methods for releasing the Economic Indicators publication have been introduced \nwithin the last few years. 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My e-mail address and phone are: __________________ @ _________________ (_ _ _) _ _ _-_ _ _ _ \nI wish to receive this publication by mail. \nExisting subscriber with a change in delivery option and/or address. \nPlease include 5-digit # on your current mailing label. _ _ _ _ _ \nOrganization _____________________________________________________ \nName __________________________________________________________ \nStreet or P.O. Box _________________________________________________ \nCity, State, Zip Code _______________________________________________ \nWork Phone: ___________________ Ext:___________ \nIf you have any questions, please contact Workforce Information \u0026 Analysis at (404) 232-3875, by fax at (404) 232-3888, or by e-mail at workforce_info@dol.state.ga.us. \nType \"Economic Indicators\" in the subject box of your e-mail. \n \n This page is intentionally blank \n \n "},{"id":"dlg_ggpd_i-ga-bl200-pe46-bp1-be31-b10-s1-belec-p-btext","title":"Georgia-Atlanta economic indicators. Quarterly report, Vol. 10, no. 1 (First quarter 2004)","collection_id":"dlg_ggpd","collection_title":"Georgia Government Publications","dcterms_contributor":["Georgia. Workforce Information and Analysis."],"dcterms_spatial":["United States, Georgia, 32.75042, -83.50018"],"dcterms_creator":["Georgia. Workforce Information and Analysis"],"dc_date":["2004"],"dcterms_description":["Quarterly","Latest issue consulted: Vol. 9, issue 2 (2nd quarter 2003)","Merger of: Georgia economic indicators. Monthly report, and: Metro Atlanta economic indicators. Monthly report"],"dc_format":["application/pdf"],"dcterms_identifier":null,"dcterms_language":["eng"],"dcterms_publisher":["Atlanta, Ga. : Georgia Dept. of Labor, Workforce Information and Analysis, 2004"],"dc_relation":null,"dc_right":["http://rightsstatements.org/vocab/InC/1.0/"],"dcterms_is_part_of":null,"dcterms_subject":["Georgia--Economic conditions--Statistics--Periodicals","Economic indicators--Georgia--Periodicals"],"dcterms_title":["Georgia-Atlanta economic indicators. Quarterly report, Vol. 10, no. 1 (First quarter 2004)","Georgia economic indicators. Quarterly report","Quarterly report","Georgia economic indicators. Monthly report","Metro Atlanta economic indicators. Monthly report"],"dcterms_type":["Text"],"dcterms_provenance":["University of Georgia. Map and Government Information Library"],"edm_is_shown_by":["https://dlg.galileo.usg.edu/do:dlg_ggpd_i-ga-bl200-pe46-bp1-be31-b10-s1-belec-p-btext"],"edm_is_shown_at":["https://dlg.galileo.usg.edu/id:dlg_ggpd_i-ga-bl200-pe46-bp1-be31-b10-s1-belec-p-btext"],"dcterms_temporal":null,"dcterms_rights_holder":null,"dcterms_bibliographic_citation":null,"dlg_local_right":null,"dcterms_medium":["reports","state government records"],"dcterms_extent":null,"dlg_subject_personal":null,"iiif_manifest_url_ss":null,"dcterms_subject_fast":null,"fulltext":"Economic \n \nIndicators \n \nA Quarterly Report of Georgia and Metro Atlanta Labor Market and Economic Trends \n \nFirst Quarter 2004 \n \nVolume 10, Issue 1 \n \nGeorgia Department of Labor \nMichael L. Thurmond Commissioner \n \n Georgia-Atlanta Economic Indicators \nQuarterly Report First Quarter - 2004 \nVolume 10, Issue 1 \n \nCover art: Radium Springs, Albany, Georgia by Huey J. Theus \nGeorgia Economic Indicators, Quarterly Report, is published by Workforce Information and Analysis, a division of the Georgia Department of Labor, 148 Andrew Young International Boulevard, N.E., Atlanta, Georgia 30303-1751. The telephone number is (404) 232-3875. \nVisit the Georgia Department of Labor web site at www.dol.state.ga.us \n \nGeorgia Department of Labor \nMichael L. Thurmond, Commissioner \n \nEqual Opportunity Employer/Programs - Auxiliary Aids and Services Available Upon Request to Individuals With Disabilities \n \nGeorgia Department of Labor \n \nEconomic Indicators / First Quarter 2004 \n \n Contents \nHistory ............................................................................................................................................................ 1 Introduction ................................................................................................................................................. 2 U.S. Consumer Price Index ......................................................................................................................... 3 Georgia Index of Economic Indicators ...................................................................................................... 4 Georgia Data Summary ................................................................................................................................ 5 \nEmployment, Manufacturing Wages and Hours .................................................................................... 6 Nonagricultural, Retail, Manufacturing,Workweek, Earnings and Deflated Earnings \nJob Openings, Unemployment Data and Vehicle Sales ........................................................................ 7 Nonagricultural Job Openings Unfilled, Initial/ Continued Unemployment Claims, Unemployment Rate, Insured Unemployment Rate and New Motor Vehicle Sales \nConstruction, New Business and State Revenue ................................................................................... 8 Residential/ Nonresidential Construction, Deflated Nonresidential Construction, New Business Corporations, Total/ Deflated State Revenue \nConsumer Price Index for Atlanta .............................................................................................................. 9 Metro Atlanta Index of Economic Indicators ........................................................................................... 10 Atlanta Data Summary ................................................................................................................................ 11 \nEmployment Data ......................................................................................................................................... 12 Nonagricultural, Wholesale, (Retail Accommodation and Food Services), Manufacturing and Government \nEmloyment Data - Continued ..................................................................................................................... 13 Construction, (Transportation, Warehousing \u0026 Utilities), Financial Activities, Professional and Business Services, Hospital Services and Social Assistance \nManufacturing Workweek, Earnings and Unemployment Data .......................................................... 14 Manufacturing -(Workweek, Earnings and Deflated Earnings), Initial/ Continued Unemployment Claims and Unemployment Rates \nUnemployment Data, Transit and Construction Data ............................................................................ 15 Insured Unemployment Rate, Marta Passengers, Cobb Community Transit Passengers, Residential/ Nonresidential Construction and Deflated Nonresidential Construction \nHotel and Mortgage Rates ......................................................................................................................... 16 Hotel Occupancy, Average Hotel Room Rates, Deflated Average Hotel Room Rates, Average 30-Year/ 15-Year Fixed Mortgage Rates and Average One-Year Adjustable Mortgage Rates \n \n History \nRadium Springs, one of the seven Natural Wonders of Georgia, was believed to be a spring of healing by the Creek Indians. The Indians called these waters the Blue Springs because of the rare sapphire-blue waters of the spring. Legend has it that warring tribes were at peace when they came together at the spring, and when Spanish explorers came looking for the so-called Fountain of Youth, Indian guides made sure the conquistadors never saw that special spring. The Creek Indians vanished in the 1830's. \nIn the 1920s, publishing magnate Barron Collier purchased the land. After chemical analysis showed that the water contained trace amounts of radium, he named the place Radium Springs and built a casino, lodge and country club at the site. The beautiful buildings, lined with windows, still stand today. \nFor decades, the Radium Springs Casino was the place to go in southwest Georgia for elegance and for fun. Florida-bound tourist traveling the railroad stopped in Albany for a trip to the renowned restaurants and swimming at Radium Springs. \n \n Introduction \n \nG eorgia Economic Indicators, Quarterly Report, is designed to provide data on a number of indicators used \nto measure movement of the state's economy in a single publication. \nOur publication has changed. \nThe Georgia and Metropolitan Altanta Economic Indicator series, previously published as two separate monthly publications, are now published as a single quarterly publication. Graphs will continue to display data on monthly increments; whereas, companion data tables will display the 3-month average for each series (for 7 quarters) before alternating to a monthly format for the most recent quarter. \nAll data except those contained in the U.S. and Atlanta Consumer Price Index chart on Pages 3 and 9 are seasonally adjusted using the X11 ARIMA method. They are presented in graphic and tabular form along with an analysis. Each series shows movement over a 24-month period. Where appropriate, companion graphs and tables show data that have been deflated by the U.S. Consumer Price Index or the U.S. Construction Price Index. The purpose is to adjust for inflation and show growth in constant dollars. \nHistorical tables and graphs are included in a supplementary Georgia Economic Indicators, Historical Series, published annually. \nWorkforce Information and Analysis welcomes comments, suggestions or questions concerning Georgia Economic Indicators, Quarterly Report and Historical Series. Please address correspondence to Bill Webb, Workforce Information and Analysis, Georgia Department of Labor, 148 Andrew Young International Boulevard, N.E., Atlanta, Georgia 30303-1751. The telephone number is (404) 232-3875. \n** Seasonal factors updated March 2004 \nData Sources \nGeorgia Indexes of Leading and Coincident Economic Indicators*, Initial Unemployment Claims, Continuing Unemployment Claims, Insured Unemployment Rate, Nonagricultural Job Openings Unfilled, Weekly Manufacturing Earnings, Manufacturing Workweek and Employment data. -- Georgia Department of Labor \nConsumer Price Index -- U.S. Bureau of Labor Statistics, adapted from commentary by Michael Wald New Motor Vehicles, State Sales and Use Tax Collections and Total Revenue Collections -- Georgia Department of Revenue New Business Corporations -- Georgia Secretary of State Residential Construction and Construction Price Index -- U.S. Department of Commerce Nonresidential Construction -- F.W. Dodge, McGraw-Hill Construction Information Group MARTA Passengers -- Metropolitan Atlanta Rapid Transit System CCT Passengers -- Cobb Community Transit System Hotel Occupancy and Room Rates -- PKF Consulting, Atlanta, GA (as of July 2003) Mortgage Rates -- HSH Associates, Financial Publishers, Butler, NJ \n* Model for Georgia Indexes of Leading and Coincident Economic Indicators developed by Georgia State University's Economic Forecasting Center \n \n2 Economic Indicators / First Quarter 2004 \n \nGeorgia Department of Labor \n \n Consumer Price Index \n \nChart is not seasonally adjusted \n \nYEAR JAN FEB MAR APR \n \n1991 \n \n134.6 \n \n134.8 \n \n135.0 135.2 \n \n1992 \n \n138.1 \n \n138.6 \n \n139.3 139.5 \n \n1993 \n \n142.6 \n \n143.1 \n \n143.6 144.0 \n \n1994 \n \n146.2 \n \n146.7 \n \n147.2 147.4 \n \n1995 \n \n150.3 \n \n150.9 \n \n151.4 151.9 \n \n1996 \n \n154.4 \n \n154.9 \n \n155.7 156.3 \n \n1997 \n \n159.1 \n \n159.6 \n \n160.0 160.2 \n \n1998 \n \n161.6 \n \n161.9 \n \n162.2 162.5 \n \n1999 \n \n164.3 \n \n164.5 \n \n165.0 166.2 \n \n2000 \n \n168.7 \n \n169.7 \n \n171.1 171.2 \n \n2001 \n \n175.1 \n \n175.8 \n \n176.2 176.9 \n \n2002 \n \n177.1 \n \n177.8 \n \n178.8 179.8 \n \n2003 \n \n181.7 \n \n183.1 \n \n184.2 183.8 \n \n2004 \n \n185.2 \n \n186.2 \n \n187.4 \n \n* Annual rate computed from December to December \n \nMAY \n135.6 139.7 144.2 147.5 152.2 156.6 160.1 162.8 166.2 171.3 177.7 179.8 183.5 \n \nJUN \n136.0 140.2 144.4 148.0 152.5 156.7 160.3 163.0 166.2 172.3 178.0 179.9 183.7 \n \nJUL \n136.2 140.5 144.4 148.4 152.5 157.0 160.5 163.2 166.7 172.6 177.5 180.1 183.9 \n \nAUG \n136.6 140.9 144.8 149.0 152.9 157.3 160.8 163.4 167.1 172.8 177.5 180.7 184.6 \n \nSEP \n137.2 141.3 145.1 149.4 153.2 157.8 161.2 163.6 167.9 173.7 178.3 181.0 185.2 \n \nOCT \n137.4 141.9 145.7 149.5 153.7 158.3 161.6 164.0 168.2 174.0 177.7 181.3 185.0 \n \nNOV \n137.8 142.0 145.8 149.7 153.6 158.6 161.5 164.0 168.3 174.1 177.4 181.3 184.5 \n \nDEC \n137.9 141.9 145.8 149.7 153.5 158.6 161.3 163.9 168.3 174.0 176.7 180.9 184.3 \n \nANN AVG \n136.2 140.3 144.5 148.2 152.4 156.9 160.5 163.0 166.6 172.1 177.1 179.9 184.0 \n \n* CPI RATE \n3.1% 2.9% 2.7% 2.7% 2.5% 3.3% 1.7% 1.6% 2.7% 3.4% 1.6% 2.4% 1.9% \n \nSource: U.S. Bureau Of Labor Statistics @www.bls.gov \n \nInflation Spikes in March \n \nThe Consumer Price Index for All Urban Consumers (CPI-U) increased 0.6 percent in March, before seasonal adjustment, as reported by the Bureau of Labor Statistics of the U.S. Department of Labor. The March level of 187.4 (1982-84=100) was 1.7 percent higher than in March 2003. \nOn a seasonally adjusted basis, the CPI-U increased 0.5 percent in March, following an increase of 0.3 percent in February. Energy costs advanced sharply for the third consecutive month, up 1.9 percent in March. The index for all items less food and energy, which rose 0.2 percent in February, increased 0.4 percent in March. Upturns in the indexes for lodging while away from home and for apparel accounted for the larger advance in March. \nFor the first three months of 2004, consumer prices increased at a seasonally adjusted annual rate (SAAR) of 5.1 percent. This compares with an increase of 1.9 percent for all of 2003. The index for energy, which rose 6.9 percent in 2003, accelerated in the first quarter of 2004, advancing at \n \na 38.6 percent SAAR and accounting for about half of the first quarter advance in the overall CPI-U. \nExcluding food and energy, the CPI-U advanced at a 2.9 percent SAAR in the first quarter, following a 1.1 percent rise in all of 2003. While many categories advanced at a faster rate in the first quarter of 2004 than in all of 2003, most of the acceleration was accounted for by larger increases in the indexes for shelter and for medical care, and an upturn in the index for apparel. \nThe index for housing rose 0.3 percent in March. Shelter costs, which rose 0.1 percent in February, increased 0.6 percent in March, largely as a result of a 3.8 percent advance in the index for lodging away from home. The index for fuels and utilities declined 1.1 percent, following a 0.9 percent increase in February. \nThe transportation index rose 1.1 percent in March. A 5.5 percent increase in the index for gasoline accounted for over 95 percent of the advance in the overall transportation component. As of March, the price of \n \ngasoline was 1.6 percent higher than its previous peak level of March 2003. The index for new vehicles, which rose 0.4 percent in February, turned back down in March, declining 0.1 percent. Airline fares registered their third consecutive advance, up 1.1 percent in March, and are 0.5 percent higher than a year ago. \nThe index for apparel increased 0.9 percent in March. Prior to seasonal adjustment, apparel prices rose 4.1 percent, reflecting the continued introduction of spring-summer wear. \nMedical care costs rose 0.6 percent in March to a level 4.5 percent higher than a year ago. The index for medical care commodities increased 0.2 percent. The index for medical care services rose 0.7 percent in March. Charges for physician's services and for hospital and related services increased 0.9 and 0.5 percent, respectively. \n \nGeorgia Department of Labor \n \nEconomic Indicators / First Quarter 2004 3 \n \n Georgia Index of Economic Indicators \n208 \nLeading indicators Coincident indicators \n181 \n \n154 \n \n128 \n \n101 \n1990 = 100 \n \n74 1997 \n \n1998 \n \n1999 \n \n2000 \n \n2001 \n \n2002 \n \n2003 \n \n2004 \n \n2005 \n \nCommercial Construction Takes Control of Index \n \nNote: All indicators are seasonally adjusted. \n*** The Georgia Department of Labor's Leading Economic Indicator (LEI) attempted to move on to stable ground during the first quarter of 2004. However, at the end of the quarter large movements in the construction industry held the index back. The LEI moved slightly lower in January (-0.1%, 180.4) then turned up in February (+1.2%, 182.7), before decreasing in March (-1.1%, 180.6). Again, the most significant movement in Q1 was in construction. In February, the value of nonresidential construction reached $717 million, which moved the indicator forward. The large increase in commercial construction was dominated by contracts for new additions and major alteration projects concentrated in the office and bank \n \nsectors. The downside of the spike in construction moved the indicator lower in March. Double digit increases in residential construction (+26.0%) and new business filings (+18.5) could not prevent the indicator from sliding at the end of the quarter. Sales of new motor vehicles declined 18% in March, as other variables in the index fluctuated in the single digits. \nThe Coincident Economic Indicator (CEI) posted a strong (+2.0, 174.4) gain in January. The following month the index advanced a modestly (+0.2,174.9) then declined in March (-0.1%, 174.6) \nState tax revenue collected contracted 13.8% in February ending the quarter up 6.0 percent (in March). The retail industry eked \n \nout a small gain in employment (+ 0.6%, 440K) in February before declining (-0.5%, 438K) in March. Unemployment continued its downward decent sliding from 4.0 percent at the start of the year to 3.6 percent in March. \nStrong employment gains and increased business spending are being reported at the national level. These trends should clear the way for the state's economy to expand throughout the year. \nThe Leading Index reflects activity that will impact the economy for a duration of three to six months into the future. Coincident indicators measure current conditions. \n \n4 Economic Indicators / First Quarter 2004 \n \nGeorgia Department of Labor \n \n Georgia \nNonagricultural Employment change from previous month \nRetail Employment change from previous month \nManufacturing Employment change from previous month \nManufacturing Workweek (hours) change from previous month \nWeekly Manufacturing Earnings change from previous month \nNonagricultural Job Openings Unfilled change from previous month \nInitial Unemployment Claims change from previous month \nContinued Unemployment Claims change from previous month \nUnemployment rate (not seasonally adjusted) change from previous month \nInsured Unemployment Rate change from previous month \nNew Motor Vehicle Sales change from previous month \nResidential Construction ( building permits ) change from previous month \nNonresidential Construction ( dollar value ) change from previous month \nNew Business Corporations change from previous month \nTotal State Revenues ( in millions ) change from previous month \nDeflated State Revenues ( in millions ) change from previous month \nGeorgia Department of Labor \n \nMarch 2004 \n3,872,565 -0.38% \n \nFebruary 2004 \n3,887,214 -0.32% \n \nJanuary 2004 \n3,899,756 - - \n \n438,309 -0.57% \n \n440,804 0.68% \n \n437,827 - - \n \n450,299 -0.47% \n \n452,442 -0.15% \n \n453,101 - - \n \n38.3 \n \n40.1 \n \n39.6 \n \n-4.38% \n \n1.24% \n \n- - \n \n$575.86 -1.29% \n \n$583.36 4.60% \n \n$557.72 - - \n \n15,823 11.87% \n \n14,144 -0.39% \n \n14,200 - - \n \n44,050 6.63% \n \n41,309 3.43% \n \n39,939 - - \n \n308,084 19.05% \n \n258,778 7.82% \n \n240,007 - - \n \n3.6% \n \n3.8% \n \n4.1% \n \n- - \n \n- - \n \n- - \n \n1.58% - - \n \n1.67% - - \n \n1.63% - - \n \n34,543 -18.06% \n \n42,157 -1.42% \n \n42,763 - - \n \n9,344 26.09% \n \n7,411 -15.70% \n \n8,791 - - \n \n$376,320,733 -47.58% \n \n$717,959,677 125.21% \n \n$318,801,707 - - \n \n6,253 18.51% \n \n5,277 8.62% \n \n4,858 - - \n \n$1,085,971,753 6.72% \n \n$1,017,574,957 -13.39% \n \n$1,174,861,810 - - \n \n579,493,100 6.04% \n \n546,493,000 -13.85% \n \n634,373,700 - - \n \nEconomic Indicators / First Quarter 2004 5 \n \n MILLIONS \n \nTHOUSANDS \n \nGEORGIA \n3. 95 2002-2003 2003-2004 \n3. 91 \n3. 87 \n3. 83 \n3. 79 \nNonagricultural Employment \n3. 75 \n500 \n480 \n460 \n440 \n420 \nRetail Employment \n400 \n \nDOLLARS \n \nHOURS \n \n44. 2 42. 7 41. 3 39. 8 38. 4 36. 9 $595 $575 $555 $535 $515 $495 \n \n2002-2003 2003-2004 \nManufacturing Workweek \nAverage Weekly Manufacturing Earnings \n \n510 \n \n$ 340 \n \n490 \n \n$ 325 \n \n470 \n \n$ 310 \n \nDOLLARS \n \n450 \n \n$ 295 \n \n430 \n \n$ 280 \n \nManufacturing Employment \n \nDeflated Average Weekly Manufacturing Earnings \n \n410 \n \n$ 265 \n \nA \n \nM \n \nJ \n \nJ \n \nA \n \nS \n \nO \n \nN \n \nD \n \nJ \n \nF \n \nM \n \nA \n \nM \n \nJ \n \nJ \n \nA \n \nS \n \nO \n \nN \n \nD \n \nJ \n \nF \n \nM \n \nEmployment \n \n2002: Q2 Q3 Q4 \n2003: Q1 Q2 Q3 Q4 \n2004: Jan Feb Mar \n \nNonag \n3,879,475 3,861,691 3,863,809 3,866,128 3,846,268 3,861,261 3,867,909 3,899,756 3,887,214 3,872,565 \n \nRetail \n452,792 449,569 447,650 445,182 444,670 445,490 438,924 437,827 440,804 438,309 \n \nMfg. \n468,917 466,223 460,456 461,090 453,198 445,885 446,520 453,101 452,442 450,299 \n \nAll graphs contain monthly data and are seasonally adjusted, except where noted. \n \nManufacturing \n \nAvg. Work Week \n \nWeekly Earnings \n \n41.2 \n \n$545.41 \n \n40.6 \n \n536.72 \n \n40.6 \n \n557.99 \n \n40.6 \n \n565.18 \n \n40.4 \n \n571.81 \n \n39.2 \n \n548.95 \n \n38.9 \n \n554.68 \n \n39.6 \n \n557.72 \n \n40.1 \n \n583.36 \n \n38.3 \n \n575.86 \n \nDeflated Wkly Earnings \n$303.29 297.17 308.00 308.83 311.33 297.45 300.48 301.15 313.30 307.29 \n \nTHOUSANDS \n \n6 Economic Indicators / First Quarter 2004 \n \nGeorgia Department of Labor \n \n THOUSANDS \n \nTHOUSANDS \n \nGEORGIA \n19. 7 2002-2003 2003-2004 \n16. 2 \n12. 7 \n9. 2 \n5. 7 \nNonagricultural Job Openings Unfilled \n2. 2 \n99. 6 \n80. 9 \n62. 1 \n43. 4 \n24. 6 \nInitial Unemployment Claims \n5.9 \n550 \n \nPERCENTAGES \n \nPERCENTAGES \n \n6. 2 5. 6 5. 1 4. 5 4. 0 3. 4 3.26 2.76 2.26 1.76 1.26 0.76 60 \n \n2002-2003 2003-2004 \nUnemployment Rate \nInsured Unemployment Rate \n \n450 \n \n53 \n \nTHOUSANDS \n \n350 \n \n47 \n \n250 \n \n40 \n \n150 \nContinued Unemployment Claims \n \n50 \n \nA \n \nM \n \nJ \n \nJ \n \nA \n \nS \n \nO \n \nN \n \nD \n \nJ \n \nF \n \nM \n \n34 \nNew Motor Vehicle Sales \n \n27 A \n \nM \n \nJ \n \nJ \n \nA \n \nS \n \nO \n \nN \n \nD \n \nJ \n \nF \n \nM \n \n2002: Q2 Q3 Q4 \n2003: Q1 Q2 Q3 Q4 \n2004: Jan Feb Mar \n \nJob Openings \n9,803 10,116 10,974 11,306 11,771 13,958 14,006 14,200 14,144 15,823 \n \nInitial Claims \n47,276 45,025 50,810 50,806 55,314 53,114 44,851 39,939 41,309 44,050 \n \n1 Rate at the end of each quarter, except for monthly rates. \n \nUnemployment \n \nContinued Claims \n332,488 \n \nRate 1 \n5.7% \n \n314,548 \n \n5.4% \n \n299,306 \n \n5.1% \n \n315,345 \n \n4.7% \n \n321,971 \n \n5.4% \n \n307,311 \n \n4.6% \n \n275,545 \n \n4.0% \n \n240,007 \n \n4.1% \n \n258,778 \n \n3.8% \n \n308,084 \n \n3.6% \n \nInsured 1 \n1.93% 1.94% 2.14% 1.98% 2.02% 1.88% 1.73% 1.63% 1.67% 1.58% \n \nNew Motor Vehicle Sales \n46,318 45,782 42,889 42,671 43,318 44,085 43,771 42,763 42,157 34,543 \n \nTHOUSANDS \n \nGeorgia Department of Labor \n \nEconomic Indicators / First Quarter 2004 \n \n7 \n \n HOUSEHOLD UNITS \n \nMILLIONS \n \nGEORGIA \n \n11, 000 9, 900 \n \n2002-2003 2003-2004 \n \n8, 800 \n \n8, 000 7, 000 6, 000 \n \n2002-2003 2003-2004 \n \nCHARTERS \n \n7, 700 \n \n5, 000 \n \n6, 600 \nResidential Construction \n5, 500 $ 810 \n$ 672 \n$ 534 \n$ 396 \n$ 258 \nNonresidential Construction \n$ 120 \n$ 675 \n \nMILLIONS \n \n4, 000 3, 000 $ 1,683 $ 1,466 $ 1,250 $ 1,033 $ 817 $ 600 $ 940 \n \nNew Business Corporations Total State Revenue \n \n$ 550 \n \n$ 823 \n \nMILLIONS \n \n$ 425 \n \n$ 706 \n \n$ 300 \n \n$ 589 \n \n$ 175 \n$ 50 A \n \nDeflated Nonresidential Construction \n \nM \n \nJ \n \nJ \n \nA \n \nS \n \nO \n \nN \n \nD \n \nJ \n \n$ 472 \nDeflated Total State Revenue \n \n$ 355 \n \nF \n \nM \n \nA \n \nM \n \nJ \n \nJ \n \nA \n \nS \n \nO \n \nN \n \nD \n \nJ \n \nF \n \nM \n \nMILLIONS \n \nConstruction Residential 2 Non-residential 1 Deflated non-res 1 \n \n2002: Q2 \n \n8,403 \n \nQ3 \n \n7,815 \n \nQ4 \n \n7,982 \n \n2003: Q1 \n \n7,343 \n \nQ2 \n \n6,938 \n \nQ3 \n \n8,754 \n \nQ4 \n \n8,593 \n \n2004: Jan \n \n8,791 \n \nFeb \n \n7,411 \n \nMar \n \n9,344 \n \n1 Data rounded \n \n2 Household units 3 Includes limited liability companies \n \n$459,955,000 426,161,000 481,984,000 415,385,000 410,004,000 476,499,000 362,503,000 318,802,000 717,960,000 376,321,000 \n \n$371,330,700 343,585,900 382,932,200 323,844,900 318,408,500 367,196,800 273,518,400 237,027,500 531,822,200 278,138,200 \n \n8 Economic Indicators / First Quarter 2004 \n \nNew Business Corporations 3 \n4,770 5,274 5,158 4,912 5,749 5,601 6,158 4,858 5,277 6,253 \n \nTotal State Revenue 1 Deflated Rev. 1 \n \n$1,079,300,000 1,037,890,000 1,076,190,000 1,044,060,000 1,053,930,000 1,080,440,000 1,121,440,000 1,174,860,000 1,017,570,000 1,085,970,000 \n \n$600,166,800 574,689,900 594,033,100 570,524,600 573,827,600 585,392,800 607,497,300 634,373,700 546,493,000 579,493,100 \n \nGeorgia Department of Labor \n \n Consumer Price Index for the South \n \nChart is not seasonally adjusted \n \nYEAR JAN 1991 131.4 1992 134.4 1993 138.4 1994 142.5 1995 146.7 1996 151.1 1997 155.7 1998 157.6 1999 159.9 2000 164.0 2001 169.3 2002 170.6 2003 175.1 2004 178.2 \n \nFEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC \n131.7 131.9 132.1 132.5 132.8 133.0 133.3 133.8 134.1 134.4 134.3 134.9 135.5 135.9 136.2 136.7 136.8 137.0 137.3 137.8 138.1 137.9 139.1 139.7 140.2 140.7 140.8 140.9 141.5 141.6 142.2 142.3 142.2 142.9 143.6 143.8 144.3 144.7 145.0 145.5 145.8 145.9 146.0 146.1 147.4 148.0 148.4 148.8 149.1 149.2 149.7 149.8 150.5 150.4 150.3 151.5 152.4 153.2 153.5 154.0 154.0 154.1 154.5 154.9 155.1 155.1 156.1 156.5 156.7 156.6 157.0 157.0 157.1 157.5 157.8 157.8 157.3 157.8 158.2 158.5 158.8 159.1 159.3 159.5 159.5 159.8 159.6 159.6 160.0 160.6 161.5 161.6 161.7 162.2 162.6 163.2 163.6 163.5 163.6 164.7 166.4 166.6 166.6 167.4 167.9 168.0 168.5 168.5 168.6 168.4 170.2 170.6 171.4 171.7 172.2 171.6 171.5 172.2 171.7 171.0 170.3 171.0 172.1 173.1 173.2 173.5 173.6 173.8 174.2 174.9 174.9 174.6 176.4 177.5 177.4 176.8 177.2 177.3 177.9 178.3 178.1 177.5 177.5 179.1 180.1 \n \nANN AVG \n132.9 136.5 140.8 144.7 149.0 153.6 156.9 158.9 162.0 167.2 171.1 173.3 177.3 \n \n* CPI RATE \n2.6% 2.7% 3.1% 2.7% 2.9% 3.2% 1.4% 1.5% 2.5% 2.9% 1.1% 2.5% 1.7% \n \n* Annual rate computed from December to December \n \nSource: U.S. Bureau of Labor Statistics @ www.bls.gov \n \nThe CPI for the South Moves North \n \nThe Consumer Price Index for All Urban Consumers (CPI-U) for the South increased 0.6 in March, not seasonally adjusted, to a level of 180.1 (1982-84=100), as reported by the Bureau of Labor Statistics of the U.S. Department of Labor. Higher costs for apparel, housing and transportation accounted for the increase in prices over the month. Energy costs advanced 1.6 percent in March. Excluding food and energy, the CPI-South increased 0.5 percent over the month. \nOver the past 12 months, prices in the South have risen 1.5 percent due to higher costs for housing and medical care. Energy costs advanced 2.3 percent over the year. \n \nExcluding food and energy costs, the index for all other items rose 1.0 percent since last March, slightly higher than the 12-month increase recorded in March 2003. \nHousing costs advanced 0.3 percent in March due to higher costs for shelter, which rose 0.5 percent over the month. Household fuels and utilities costs declined 0.6 percent in March after advancing 0.3 percent in February. Household furnishings and operations costs fell 0.2 percent in March. \nApparel costs increased 5.5 percent over the month after rising a modest 0.3 percent in February 2004. This one month increase was the largest rise recorded since the index became monthly in 1987. Over the past year, apparel prices declined 2.4 percent. This index has not recorded \n \na twelve month increase in prices since October 2001. \nTransportation costs rose 0.9 percent in March due to rising gasoline prices (4.3 percent). Costs for new vehicles fell 0.4 percent over the month. Since March 2003, the transportation index dropped 0.4 percent. Gasoline costs have risen 2.5 percent over the past year. \nMedical care costs rose 0.3 percent in March. Over the month, costs of medical care commodities and services have risen 0.3 percent, each. Over the past year, the medical care index has gained 3.9 percent. Medical care commodities' costs increased a more modest 2.6 percent for the same time period. \n \nGeorgia Department of Labor \n \nEconomic Indicators / First Quarter 2004 9 \n \n Metro Atlanta Index of Economic Indicators \n184.9 \nLeading indicators Coincident indicators \n165.6 \n \n146.3 \n \n127.1 \n \n107.8 \n1995-96 = 100 \n \n88.5 \n \n96 \n \n97 \n \n98 \n \n99 \n \n00 \n \n01 \n \n02 \n \n03 \n \n04 \n \n05 \n \nAtlanta's Coincident Indicator Picks up Pace \n \nNote: All indicators are seasonally adjusted. \n \n*** \n \nAtlanta's Economic Indicators gained momentum during the first quarter. The Leading Economic Indicator posted two months of consecutive gains, before declining. The Coincident Economic Indicator had gains troughout the entire quarter. \nThe Leading Economic Indicators (LEI) started the year off on the right foot advancing in January (+0.2%, 173.0) and February (+1.8%,176.3), before declining in March (-1.1%, 174.2). A surge in nonresidential construction, that originated in Fulton county, pushed the index forward in February only to take it back in March. The value of commercial construction jumped to $572 million in February, which catapulted the LEI forward. However, the construction sector spiraled back down to $156 \n \nmillion in March, placing downward pressure on the index to end the quarter in negative territory. \nThe residential construction sector, which is expected to decline as interest rates increase held it's ground during the quarter. Permits for construction declined in February (-14.3%) only to be reversed in March (+22.1%). Initial jobless claims increased during the first quarter; however, claim levels remain in-line with last fourth quarters numbers. The manufacturing workweek remained in the 38-40 hour range throughout the reporting period. \nThe Coincident Economic Indicators (CEI) continued to climb during the first quarter, even after the 2003 benchmarking, which \n \nlowered retail employment. Unemployment closed out the quarter at 3.8 percent in March, riding two-tenths above the state's rate. Retail employment increased from 238 thousand (in January) to 241 thousand (in February) before declining to 240 thousand in March. Employment in the retail sector should average around 240,000 jobs during the first quarter. \nAs the recovery becomes more broad based, jobs will be created in industries other than the service sector. Commercial construction may be showing signs of a recovery. The next two quarters will determine if the confidence of executives are strong enough to pull their projects off the shelf. \n \n10 Economic Indicators / First Quarter 2004 \n \nGeorgia Department of Labor \n \n Metro Atlanta \n \nMar-2004 \n \nFeb-2004 \n \nJan-2004 \n \nPercent Change Feb-2004 \nto Mar-2004 \n \nPercent Change Jan-2004 \nto Feb-2004 \n \nNonagricultural Employment \n \n2,167,107 \n \nWholesale Employment \n \n136,094 \n \nRetail Employment \n \n240,353 \n \nAccommodation and Food Services Employment \n \n183,549 \n \nManufacturing Employment \n \n170,806 \n \nGovernment Employment \n \n291,091 \n \nConstruction Employment \n \n120,650 \n \nTrans., Warehousing and Utilities Employment \n \n115,663 \n \nFinancial Activities Employment \n \n147,749 \n \nProfessional and Business Services Employment \n \n339,819 \n \nHospital Services Employment \n \n58,125 \n \nSocial Assistance Employment \n \n26,033 \n \nManufacturing Workweek \n \n38.7 \n \nManufacturing Earnings \n \n$573.93 \n \nDeflated Manufacturing Earnings \n \n$306.26 \n \nInitial Unemployment Claims \n \n12,328 \n \nContinued Unemployment Claims \n \n152,872 \n \nTotal Unemployment Rate ( not seasonally adjusted ) \n \n3.8 \n \nInsured Unemployment Rate \n \n1.47% \n \nMARTA Passengers \n \n5,664,000 \n \nCobb County Transit Passengers \n \n224,175 \n \nResidential Construction (household units) \n \n6,318 \n \nNonresidential Construction (value) \n \n$156,801,000 \n \nDeflated Nonresidential Construction \n \n$115,900,000 \n \nHotel Occupancy \n \n66.8% \n \nAverage Hotel Room Rates \n \n$98.22 \n \nDeflated Average Hotel Room Rate \n \n$52.41 \n \nAverage 30-Year Fixed Mortgage Rate \n \n5.47% \n \nAverage 15-Year Fixed Mortgage Rate \n \n4.78% \n \nAverage One-Year Adjustable Mortgage Rate \n \n3.07% \n \n2,176,851 136,185 241,445 184,207 171,117 292,067 120,197 116,080 148,055 342,034 57,525 26,678 40.1 $587.30 $315.41 12,114 133,825 3.9 1.55% \n5,433,000 204,590 5,173 \n$572,441,000 $424,000,000 \n62.9% $90.27 $48.48 5.69% 5.02% 3.36% \n \n2,186,737 137,207 238,763 186,156 169,731 292,390 121,311 105,336 148,256 347,313 57,383 27,589 38.1 $611.60 $330.24 10,134 93,449 4.2 1.52% \n5,518,000 219,820 6,037 \n$180,855,000 $134,500,000 \n65.5% $91.95 $49.65 5.78% 5.07% 3.40% \n \n-0.45% -0.45% \n \n-0.07% -0.75% \n \n-0.45% 1.12% \n \n-0.36% -1.05% \n \n-0.18% 0.82% \n \n-0.33% -0.11% \n \n0.38% -0.92% \n \n-0.36% 10.20% \n \n-0.21% -0.14% \n \n-0.65% -1.52% \n \n1.04% 0.25% \n \n-2.42% -3.30% \n \n-3.71% 5.45% \n \n-2.28% -3.97% \n \n-2.90% -4.49% \n \n1.77% 19.53% \n \n14.23% 43.21% \n \n- \n \n- \n \n- \n \n- \n \n4.25% -1.54% \n \n9.57% -6.93% \n \n22.14% -14.32% \n \n-72.61% 216.52% \n \n-72.67% 215.24% \n \n- \n \n- \n \n8.81% -1.83% \n \n8.11% -2.36% \n \n- \n \n- \n \n- \n \n- \n \n- \n \n- \n \nGeorgia Department of Labor \n \nEconomic Indicators / First Quarter 2004 11 \n \n MILLIONS \n \nTHOUSANDS \n \nMetro Atlanta \n \n2. 24 2. 20 \n \n2002-2003 2003-2004 \n \n2. 17 \n \n2. 13 \n \n2. 10 \nNonagricultural Employment \n2. 06 \n150 \n \n145 \n \n140 \n \n135 \n \n130 \nWholesale Employment \n125 \n270 \n \nTHOUSANDS \n \nTHOUSANDS \n \n300 2002-2003 2003-2004 \n250 \n200 \n150 \n100 \nAccommodation and Food Services \n50 \n220 \n \n200 \n \n180 \n \n160 \n \n140 \n \nManufacturing Employment \n \n120 310 \n \n260 \n \n300 \n \nTHOUSANDS \n \n250 \n \n290 \n \n240 \n \n230 \nRetail Employment \n \n220 \n \nA \n \nM \n \nJ \n \nJ \n \nA \n \nS \n \nO \n \nN \n \nD \n \nJ \n \nF \n \nM \n \n280 \n \n270 \nGovernment Employment \n \n260 \n \nA \n \nM \n \nJ \n \nJ \n \nA \n \nS \n \nO \n \nN \n \nD \n \nJ \n \nF \n \nM \n \nPeriod \n2002: Q2 Q3 Q4 \n2003: Q1 Q2 Q3 Q4 \n2004: Jan Feb Mar \n \nNonag \n2,167,542 2,166,405 2,171,614 2,160,724 2,150,461 2,162,940 2,160,913 2,186,737 2,176,851 2,167,107 \n \nWholesale \n142,207 139,903 140,712 137,432 136,427 136,355 136,152 137,207 136,185 136,094 \n \nEmployment \n \nRetail \n \nAccom. \u0026 Food Services \n \n247,377 246,147 245,580 240,992 241,539 242,916 237,683 238,763 241,445 240,353 \n \n169,236 168,635 170,700 174,820 175,425 177,603 181,055 186,156 184,207 183,549 \n \nManufacturing \n170,387 168,863 167,589 172,209 171,461 169,390 168,438 169,731 171,117 170,806 \n \nGovernment \n281,277 285,049 286,414 289,447 285,599 287,179 289,100 292,390 292,067 291,091 \n \nTHOUSANDS \n \n12 Economic Indicators / First Quarter 2004 \n \nGeorgia Department of Labor \n \n THOUSANDS \n \nTHOUSANDS \n \nMetro Atlanta \n132 2002-2003 2003-2004 \n126 \n120 \n114 \n108 \nConstruction Employment \n102 \n140 \n130 \n120 \n110 \n100 \nTransportation, Warehousing \u0026 Utilities Employment \n90 \n155 \n \nTHOUSANDS \n \nTHOUSANDS \n \n400 2002-2003 2003-2004 \n380 \n360 \n340 \n320 \nProfessional and Business Services Employment \n300 \n80 \n70 \n60 \n50 \n40 \nHospital Services Employment \n30 \n40 \n \n151 \n \n35 \n \n147 \n \n30 \n \nTHOUSANDS \n \n143 \n \n25 \n \n139 \nFinancial Activities Employment \n \n20 \nSocial Assistance Employment \n \n135 \n \n15 \n \nA \n \nM \n \nJ \n \nJ \n \nA \n \nS \n \nO \n \nN \n \nD \n \nJ \n \nF \n \nM \n \nA \n \nM \n \nJ \n \nJ \n \nA \n \nS \n \nO \n \nN \n \nD \n \nJ \n \nF \n \nM \n \nPeriod \n2002: Q2 Q3 Q4 \n2003: Q1 Q2 Q3 Q4 \n2004: Jan Feb Mar \n \nConstruction \n115,621 114,541 114,879 115,209 113,535 115,036 118,626 121,311 120,197 120,650 \n \nTrans, Ware \u0026 Utilities \n117,229 115,772 116,245 117,127 113,908 113,878 114,204 105,336 116,080 115,663 \n \nEmployment \n \nFinancial Activities \n \nProfessional \u0026 Business Services \n \n145,115 144,937 148,190 147,888 148,043 149,176 147,114 148,256 148,055 147,749 \n \n358,851 360,484 360,186 338,255 334,512 338,906 340,349 347,313 342,034 339,819 \n \nHospital Services \n55,545 55,074 56,032 56,879 56,542 57,389 57,867 57,383 57,525 58,125 \n \nSocial Assistance \n25,311 25,183 25,330 25,887 25,616 26,035 26,076 27,589 26,678 26,033 \n \nTHOUSANDS \n \nGeorgia Department of Labor \n \nEconomic Indicators / First Quarter 2004 13 \n \n HOURS \n \nDOLLARS \n \nMetro Atlanta \n \n43. 0 41. 0 \n \n2002-2003 2003-2004 \n \n26. 9 21. 9 \n \n2002-2003 2003-2004 \n \nTHOUSANDS \n \n39. 0 \n \n16. 9 \n \n37. 0 \n35. 0 \nManufacturing Workweek \n33. 0 $ 675 \n$ 635 \n$ 595 \n \n11. 9 \n6. 9 \nInitial Unemployment Claims \n1. 9 275 \n225 \n175 \n \nTHOUSANDS \n \n$ 555 \n$ 515 \nManufacturing Earnings \n$ 475 475 \n \n125 \n75 \nContinued Unemployment Claims \n25 \n7.0 \n \n420 \n \n365 \n \n310 \n \n255 \nDeflated Manufacturing Earnings \n \n200 A \n \nM \n \nJ \n \nJ \n \nA \n \nS \n \nO \n \nN \n \nD \n \nJ \n \nF \n \nM \n \nPERCENTAGES \n \n6.0 \n \n5.0 \n \n4.0 \n \nUnemployment Rate \n \n3.0 \n \nA \n \nM \n \nJ \n \nJ \n \nA \n \nS \n \nO \n \nN \n \nD \n \nJ \n \nF \n \nM \n \nDOLLARS \n \nPeriod \n2002: Q2 Q3 Q4 \n2003: Q1 Q2 Q3 Q4 \n2004: Jan Feb Mar \n \nWork Week (hrs) \n40.0 39.0 39.5 40.8 40.3 38.9 39.2 38.1 40.1 38.7 \n \nManufacturing \nWeekly Earnings \n$607.21 593.49 604.99 568.10 568.80 543.54 560.37 611.60 587.30 573.93 \n \nDeflated Earnings \n$337.65 328.62 333.94 310.45 309.70 294.52 303.56 330.24 315.41 306.26 \n \n14 Economic Indicators / First Quarter 2004 \n \nInitial Claims \n14,878 13,060 13,623 13,272 15,564 13,186 11,560 10,134 12,114 12,328 \n \nUnemployment \nContinued Claims \n186,676 173,034 163,621 158,677 178,406 161,618 146,319 93,449 133,825 152,872 \n \nRate \n5.9% 5.6% 5.2% 4.7% 5.5% 4.8% 4.0% 4.2% 3.9% 3.8% \n \nGeorgia Department of Labor \n \n PERCENTAGES \n \nMILLIONS \n \nMetro Atlanta \n2.9 2002-2003 2003-2004 \n2.5 \n2.1 \n1.7 \n1.3 \nInsured Unemployment Rate \n0.9 7. 0 \n6. 5 \n6. 0 \n5. 5 \n5. 0 \nMARTA Passengers \n4. 5 \n250 \n225 \n \nMILLIONS \n \nHOUSEHOLD UNITS ( THOUSANDS ) \n \n7. 5 6. 6 5. 8 4. 9 4. 1 3. 2 $ 750 $ 600 $ 450 $ 300 $ 150 \n$0 $ 510 $ 410 \n \n2002-2003 2003-2004 \nResidential Construction \nNonresidential Construction \n \n200 \n \n$ 310 \n \nMILLIONS \n \n175 \n \n$ 210 \n \n150 \nCobb Community Transit Passengers \n \n$ 110 \nDeflated Nonresidential Construction \n \n125 \n \n$ 10 \n \nA \n \nM \n \nJ \n \nJ \n \nA \n \nS \n \nO \n \nN \n \nD \n \nJ \n \nF \n \nM \n \nA \n \nM \n \nJ \n \nJ \n \nA \n \nS \n \nO \n \nN \n \nD \n \nJ \n \nF \n \nM \n \nTHOUSANDS \n \nPeriod \n \nInsured Unemployment \nRate 2 \n \nTransit Passengers \n \nMARTA 1 \n \nCobb Community \n \n2002: Q2 \n \n1.96% \n \n5,637,400 \n \n167,733 \n \nQ3 \n \n1.83% \n \n5,361,200 \n \n178,376 \n \nQ4 \n \n1.84% \n \n5,456,900 \n \n193,958 \n \n2003: Q1 \n \n1.81% \n \n5,476,300 \n \n191,127 \n \nQ2 \n \n1.93% \n \n5,570,400 \n \n190,276 \n \nQ3 \n \n1.75% \n \n5,506,000 \n \n202,328 \n \nQ4 \n \n1.54% \n \n5,577,700 \n \n217,738 \n \n2004: Jan \n \n1.52% \n \n5,517,700 \n \n219,820 \n \nFeb \n \n1.55% \n \n5,432,600 \n \n204,590 \n \nMar \n \n1.47% \n \n5,664,000 \n \n1 Data rounded 2 Rate at the end of each quarter, except for monthly rates. \n \n3 Household units \n \n224,175 \n \nGeorgia Department of Labor \n \nResidential 3 \n5,721 5,180 5,442 4,831 4,623 6,149 5,992 6,037 5,173 6,318 \n \nConstruction \nNonresidential 1 \n$283,007,000 290,063,000 285,491,000 236,366,000 250,483,000 290,529,000 186,460,000 180,855,000 572,441,000 156,801,000 \n \nDeflated Non-res \n$228,500,000 233,766,667 226,833,333 184,166,667 194,866,667 223,733,333 140,700,000 134,500,000 424,000,000 115,900,000 \n \nEconomic Indicators / First Quarter 2004 15 \n \n PERCENTAGES \n \nDOLLARS \n \nMetro Atlanta \n75 2002-2003 2003-2004 \n69 \n63 \n56 \n50 \nHotel Occupancy \n44 \n$110 \n$100 \n$90 \n$80 \n$70 \nAverage Hotel Room Rates \n$60 \n$ 60 \n \nPERCENTAGES \n \nPERCENTAGES \n \n7.60 7.00 6.40 \n \n2002-2003 2003-2004 \n \n5.80 \n5.20 \nAverage 30-Year Fixed Mortgage Rates \n4.60 7. 10 \n \n6. 48 \n \n5. 86 \n \n5. 24 \n \n4. 62 \nAverage 15-Year Fixed Mortgage Rates \n4. 00 \n7. 41 \n \n$ 54 \n \n6. 21 \n \nPERCENTAGES \n \n$ 48 \n \n5. 01 \n \n$ 42 \n \n3. 81 \n \n$ 36 \nDeflated Average Hotel Room Rates \n \n2. 61 \nAverage One-Year Adjustable Mortgage Rates \n \n$ 30 \n \nA \n \nM \n \nJ \n \nJ \n \nA \n \nS \n \nO \n \nN \n \nD \n \nJ \n \n1. 41 \n \nF \n \nM \n \nA \n \nM \n \nJ \n \nJ \n \nA \n \nS \n \nO \n \nN \n \nD \n \nJ \n \nF \n \nM \n \nDOLLARS \n \nHotel Data \n \nPeriod \n \nOccupancy% 3 \n \nRoom Rates 3 \n \nDeflated Room Rates \n \n2002: Q2 \n \n57.8% \n \n$77.55 \n \n$43.13 \n \nQ3 \n \n57.7% \n \n75.75 \n \n41.94 \n \nQ4 \n \n58.2% \n \n77.10 \n \n42.56 \n \n2003: Q1 \n \n56.8% \n \n74.18 \n \n40.54 \n \nQ2 \n \n55.3% \n \n72.16 \n \n39.29 \n \nQ3 \n \n63.4% \n \n92.57 \n \n50.16 \n \nQ4 \n \n61.8% \n \n93.24 \n \n50.51 \n \n2004: Jan \n \n65.5% \n \n91.95 \n \n49.65 \n \nFeb \n \n62.9% \n \n90.27 \n \n48.48 \n \nMar \n \n66.8% \n \n98.22 \n \n52.41 \n \n1 Rate does not include points 2 Mortgage rates are not seasonally adjusted 3 Hotel data compiled after July 2003 is not comparable to prior time periods. \n \n16 Economic Indicators / First Quarter 2004 \n \n3 0 - Ye a r Fixed 1 \n6.60% 6.16% 6.00% 5.74% 5.22% 6.20% 5.91% 5.78% 5.69% 5.47% \n \nMortgage Rates \n \n1 5 - Ye a r Fixed 1,2 \n6.11% 5.58% 5.40% 5.10% 4.61% 5.47% 5.24% 5.07% 5.02% 4.78% \n \nO n e - Ye a r Rate Adjustable1,2 \n4.29% 4.20% 3.63% 3.43% 3.18% 3.66% 3.57% 3.40% 3.36% 3.07% \n \nGeorgia Department of Labor \n \n Dear Subscriber to Economic Indicators: Several new methods for releasing the Economic Indicators publication have been introduced \nwithin the last few years. 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Box _________________________________________________ \nCity, State, Zip Code _______________________________________________ \nWork Phone: ___________________ Ext:___________ \nIf you have any questions, please contact Workforce Information \u0026 Analysis at (404) 232-3875, by fax at (404) 232-3888, or by e-mail at workforce_info@dol.state.ga.us. \nType \"Economic Indicators\" in the subject box of your e-mail. \n \n This page was intentionally left blank \n \n "},{"id":"dlg_ggpd_i-ga-bl200-pe46-bp1-be31-b10-s2-belec-p-btext","title":"Georgia-Atlanta economic indicators. Quarterly report, Vol. 10, no. 2 (Second quarter 2004)","collection_id":"dlg_ggpd","collection_title":"Georgia Government Publications","dcterms_contributor":["Georgia. Workforce Information and Analysis."],"dcterms_spatial":["United States, Georgia, 32.75042, -83.50018"],"dcterms_creator":["Georgia. Workforce Information and Analysis"],"dc_date":["2004"],"dcterms_description":["Quarterly","Latest issue consulted: Vol. 9, issue 2 (2nd quarter 2003)","Merger of: Georgia economic indicators. Monthly report, and: Metro Atlanta economic indicators. Monthly report"],"dc_format":["application/pdf"],"dcterms_identifier":null,"dcterms_language":["eng"],"dcterms_publisher":["Atlanta, Ga. : Georgia Dept. of Labor, Workforce Information and Analysis, 2004"],"dc_relation":null,"dc_right":["http://rightsstatements.org/vocab/InC/1.0/"],"dcterms_is_part_of":null,"dcterms_subject":["Georgia--Economic conditions--Statistics--Periodicals","Economic indicators--Georgia--Periodicals"],"dcterms_title":["Georgia-Atlanta economic indicators. Quarterly report, Vol. 10, no. 2 (Second quarter 2004)","Georgia economic indicators. Quarterly report","Quarterly report","Georgia economic indicators. Monthly report","Metro Atlanta economic indicators. Monthly report"],"dcterms_type":["Text"],"dcterms_provenance":["University of Georgia. Map and Government Information Library"],"edm_is_shown_by":["https://dlg.galileo.usg.edu/do:dlg_ggpd_i-ga-bl200-pe46-bp1-be31-b10-s2-belec-p-btext"],"edm_is_shown_at":["https://dlg.galileo.usg.edu/id:dlg_ggpd_i-ga-bl200-pe46-bp1-be31-b10-s2-belec-p-btext"],"dcterms_temporal":null,"dcterms_rights_holder":null,"dcterms_bibliographic_citation":null,"dlg_local_right":null,"dcterms_medium":["reports","state government records"],"dcterms_extent":null,"dlg_subject_personal":null,"iiif_manifest_url_ss":null,"dcterms_subject_fast":null,"fulltext":"Economic Indicators \n \nA Quarterly Report of Georgia and Metro Atlanta Labor Market and Economic Trends \n \nSecond Quarter 2004 \n \nVolume 10, Issue 2 \n \nGeorgia Department of Labor \nMichael L. Thurmond Commissioner \n \n Georgia-Atlanta Economic Indicators \nQuarterly Report Second Quarter - 2004 \nVolume 10, Issue 2 \n \nCover art: Tybee Island Lighthouse, Georgia by Huey J. Theus \nGeorgia Economic Indicators, Quarterly Report, is published by Workforce Information and Analysis, a division of the Georgia Department of Labor, 148 Andrew Young International Boulevard, N.E., Atlanta, Georgia 30303-1751. The telephone number is (404) 232-3875. \nVisit the Georgia Department of Labor web site at www.dol.state.ga.us \n \nGeorgia Department of Labor \nMichael L. Thurmond, Commissioner \n \nEqual Opportunity Employer/Programs - Auxiliary Aids and Services Available Upon Request to Individuals With Disabilities \n \nGeorgia Department of Labor \n \nEconomic Indicators / Second Quarter 2004 \n \n Contents \nHistory ............................................................................................................................................................ 1 Introduction ................................................................................................................................................. 2 U.S. Consumer Price Index ......................................................................................................................... 3 Georgia Index of Economic Indicators ...................................................................................................... 4 Georgia Data Summary ................................................................................................................................ 5 \nEmployment, Manufacturing Wages and Hours .................................................................................... 6 Nonagricultural, Retail, Manufacturing,Workweek, Earnings and Deflated Earnings \nJob Openings, Unemployment Data and Vehicle Sales ........................................................................ 7 Nonagricultural Job Openings Unfilled, Initial/ Continued Unemployment Claims, Unemployment Rate, Insured Unemployment Rate and New Motor Vehicle Sales \nConstruction, New Business and State Revenue ................................................................................... 8 Residential/ Nonresidential Construction, Deflated Nonresidential Construction, New Business Corporations, Total/ Deflated State Revenue \nConsumer Price Index for Atlanta .............................................................................................................. 9 Metro Atlanta Index of Economic Indicators ........................................................................................... 10 Atlanta Data Summary ................................................................................................................................ 11 \nEmployment Data ......................................................................................................................................... 12 Nonagricultural, Wholesale, (Retail Accommodation and Food Services), Manufacturing and Government \nEmployment Data - Continued ..................................................................................................................... 13 Construction, (Transportation, Warehousing \u0026 Utilities), Financial Activities, Professional and Business Services, Hospital Services and Social Assistance \nManufacturing Workweek, Earnings and Unemployment Data .......................................................... 14 Manufacturing -(Workweek, Earnings and Deflated Earnings), Initial/ Continued Unemployment Claims and Unemployment Rates \nUnemployment Data, Transit and Construction Data ............................................................................ 15 Insured Unemployment Rate, MARTA Passengers, Cobb Community Transit Passengers, Residential/ Nonresidential Construction and Deflated Nonresidential Construction \nHotel and Mortgage Rates ......................................................................................................................... 16 Hotel Occupancy, Average Hotel Room Rates, Deflated Average Hotel Room Rates, Average 30-Year/ 15-Year Fixed Mortgage Rates and Average One-Year Adjustable Mortgage Rates \n \n History \nOriginally built in 1733, the Tybee Lighthouse was the tallest lighthouse in America at the time. In 1741, while a new lighthouse was being built, the old one was destroyed in a severe storm. In 1742 the new lighthouse was completed, standing 124 feet high, 94 feet of lighthouse with a flagpole (30 feet high) atop it. In 1768 a new lighthouse began construction as the older house was too close to encroaching waters. Completed in 1773 the lighthouse was 100 feet high, built out of brick and wood. It was partially destroyed by Confederate troops in 1862. \nThe new and current lighthouse would stand 150 feet tall, made of brick masonry and containing a Fresnel lens (first displayed in 1867). It was part of the First Order of lighthouses. In 1933 the light was converted to electricity. This ended the need for a light keeper. The last lightkeeper, George Jackson, died in 1948. The U.S. Coast Guard maintained the lighthouse until recently when the light was no longer needed for maritime shipping. \nToday Tybee Lighthouse is maintained by the Tybee Island Historical Society which maintains the grounds as a museum through a lease with the Coast Guard, which maintains the still-active light. Tybee is very unusual in that all of its support buildings are intact. The site includes a headkeeper's house, two assistant keeper's houses, a summer kitchen, and a fuel storage building. The tower is open for climbing and there is a gift shop. A restoration campaign is currently under way. \n \n Introduction \n \nG eorgia Economic Indicators, Quarterly Report, is designed to provide data on a number of indicators used \nto measure movement of the state's economy in a single publication. \nOur publication has changed. \nThe Georgia and Metropolitan Altanta Economic Indicator series, previously published as two separate monthly publications, are now published as a single quarterly publication. Graphs will continue to display data on monthly increments; whereas, companion data tables will display the 3-month average for each series (for 7 quarters) before alternating to a monthly format for the most recent quarter. \nAll data except those contained in the U.S. and Atlanta Consumer Price Index chart on Pages 3 and 9 are seasonally adjusted using the X11 ARIMA method. They are presented in graphic and tabular form along with an analysis. Each series shows movement over a 24-month period. Where appropriate, companion graphs and tables show data that have been deflated by the U.S. Consumer Price Index or the U.S. Construction Price Index. The purpose is to adjust for inflation and show growth in constant dollars. \nHistorical tables and graphs are included in a supplementary Georgia Economic Indicators, Historical Series, published annually. \nWorkforce Information and Analysis welcomes comments, suggestions or questions concerning Georgia Economic Indicators, Quarterly Report and Historical Series. Please address correspondence to Bill Webb, Workforce Information and Analysis, Georgia Department of Labor, 148 Andrew Young International Boulevard, N.E., Atlanta, Georgia 30303-1751. The telephone number is (404) 232-3875. \nNote: Seasonal factors updated March 2004 \nData Sources \nGeorgia Indexes of Leading and Coincident Economic Indicators*, Initial Unemployment Claims, Continuing Unemployment Claims, Insured Unemployment Rate, Nonagricultural Job Openings Unfilled, Weekly Manufacturing Earnings, Manufacturing Workweek and Employment data. -- Georgia Department of Labor \nConsumer Price Index -- U.S. Bureau of Labor Statistics, adapted from commentary by Michael Wald New Motor Vehicles, State Sales and Use Tax Collections and Total Revenue Collections -- Georgia Department of Revenue New Business Corporations -- Georgia Secretary of State Residential Construction and Construction Price Index -- U.S. Department of Commerce Nonresidential Construction -- F.W. Dodge, McGraw-Hill Construction Information Group MARTA Passengers -- Metropolitan Atlanta Rapid Transit System CCT Passengers -- Cobb Community Transit System Hotel Occupancy and Room Rates -- PKF Consulting, Atlanta, GA (as of July 2003) Mortgage Rates -- HSH Associates, Financial Publishers, Butler, NJ \n* Model for Georgia Indexes of Leading and Coincident Economic Indicators developed by Georgia State University's Economic Forecasting Center \n \n2 Economic Indicators / Second Quarter 2004 \n \nGeorgia Department of Labor \n \n Consumer Price Index \n \nChart is not seasonally adjusted \n \nYEAR JAN FEB MAR APR \n \n1991 \n \n134.6 \n \n134.8 \n \n135.0 \n \n135.2 \n \n1992 \n \n138.1 \n \n138.6 \n \n139.3 \n \n139.5 \n \n1993 \n \n142.6 \n \n143.1 \n \n143.6 \n \n144.0 \n \n1994 \n \n146.2 \n \n146.7 \n \n147.2 \n \n147.4 \n \n1995 \n \n150.3 \n \n150.9 \n \n151.4 \n \n151.9 \n \n1996 \n \n154.4 \n \n154.9 \n \n155.7 \n \n156.3 \n \n1997 \n \n159.1 \n \n159.6 \n \n160.0 \n \n160.2 \n \n1998 \n \n161.6 \n \n161.9 \n \n162.2 \n \n162.5 \n \n1999 \n \n164.3 \n \n164.5 \n \n165.0 \n \n166.2 \n \n2000 \n \n168.7 \n \n169.7 \n \n171.1 \n \n171.2 \n \n2001 \n \n175.1 \n \n175.8 \n \n176.2 \n \n176.9 \n \n2002 \n \n177.1 \n \n177.8 \n \n178.8 \n \n179.8 \n \n2003 \n \n181.7 \n \n183.1 \n \n184.2 \n \n183.8 \n \n2004 \n \n185.2 \n \n186.2 \n \n187.4 \n \n188.0 \n \n* Annual rate computed from December to December \n \nMAY \n135.6 139.7 144.2 147.5 152.2 156.6 160.1 162.8 166.2 171.3 177.7 179.8 183.5 189.1 \n \nJUN \n136.0 140.2 144.4 148.0 152.5 156.7 160.3 163.0 166.2 172.3 178.0 179.9 183.7 189.7 \n \nJUL \n136.2 140.5 144.4 148.4 152.5 157.0 160.5 163.2 166.7 172.6 177.5 180.1 183.9 \n \nAUG \n136.6 140.9 144.8 149.0 152.9 157.3 160.8 163.4 167.1 172.8 177.5 180.7 184.6 \n \nSEP \n137.2 141.3 145.1 149.4 153.2 157.8 161.2 163.6 167.9 173.7 178.3 181.0 185.2 \n \nOCT \n137.4 141.9 145.7 149.5 153.7 158.3 161.6 164.0 168.2 174.0 177.7 181.3 185.0 \n \nNOV \n137.8 142.0 145.8 149.7 153.6 158.6 161.5 164.0 168.3 174.1 177.4 181.3 184.5 \n \nDEC \n137.9 141.9 145.8 149.7 153.5 158.6 161.3 163.9 168.3 174.0 176.7 180.9 184.3 \n \nANN AVG \n136.2 140.3 144.5 148.2 152.4 156.9 160.5 163.0 166.6 172.1 177.1 179.9 184.0 \n \n* CPI RATE \n3.1% 2.9% 2.7% 2.7% 2.5% 3.3% 1.7% 1.6% 2.7% 3.4% 1.6% 2.4% 1.9% \n \nSource: U.S. Bureau Of Labor Statistics @www.bls.gov \n \nCPI Cools Off in June \n \nThe Consumer Price Index for All Urban Consumers (CPI-U) increased 0.3 percent in June, before seasonal adjustment, as reported by the Bureau of Labor Statistics of the U.S. Department of Labor. The June level of 189.7 (1982-84=100) was 3.3 percent higher than in June 2003. \nOn a seasonally adjusted basis, the CPI-U increased 0.3 percent in June, following a 0.6 percent in May. Energy costs, which advanced 4.6 percent in May, rose 2.6 percent in June and accounted for two-thirds of the increase in the overall CPI-U. Within energy, the index for petroleumbased energy increased 3.0 percent and the index for energy services rose 2.1 percent. The index for all items less food and energy, which increased 0.2 percent in May, rose 0.1 percent in June. A deceleration in shelter costs up 0.1 percent in June after increasing 0.2 percent in May - was largely responsible for the smaller June advance. Consumer prices increased at a seasonally adjusted annual rate (SAAR) of 4.8 percent in the second quarter after advancing at a 5.1 \n \npercent rate in the first three months of 2004. This brings the year-to-date annual rate to 4.9 percent and compares with an increase of 1.9 percent in all of 2003. The index for energy, which rose 6.9 percent in 2003, accelerated in the first half of 2004 to a 36.0 percent SAAR and accounted for about half of the advance in the overall CPI-U during the first six months of 2004. \nThe CPI-U excluding food and energy advanced at a 2.3 percent SAAR in the second quarter, following an increase at a 2.9 percent rate in the first three months of 2004. The advance at a 2.6 percent SAAR for the first half of 2004 compares with a 1.1 percent rise in all of 2003. \nThe index for housing rose 0.3 percent in June, following increases of 0.4 percent in each of the preceding two months. Shelter costs rose 0.1 percent in June. The index for fuels and utilities advanced 1.9 percent, following a 1.1 percent increase in May. The index for household furnishings and operations rose 0.1 percent in June. \n \nThe transportation index increased 0.8 percent in June, reflecting a 3.1 percent increase in the index for gasoline. The index for new vehicles increased 0.2 percent in June, but it still is 0.1 percent lower than a year ago. Airline fares, which declined 0.8 percent in May after registering increases in the first four months of 2004, rose 0.7 percent in June. \nThe index for apparel increased 0.2 percent in June, following a 0.3 percent rise in May. Prior to seasonal adjustment, apparel prices fell 2.7 percent, largely as a result of the seasonal discounting of springsummer wear. \nMedical care costs rose 0.3 percent in June to a level 4.6 percent higher than a year ago. The index for medical care commodities increased 0.1 percent. The index for medical care services rose 0.4 percent in June. \n \nGeorgia Department of Labor \n \nEconomic Indicators / Second Quarter 2004 3 \n \n Georgia Index of Economic Indicators \n208 \nLeading indicators Coincident indicators \n181 \n \n154 \n \n128 \n \n101 \n1990 = 100 \n \n74 1997 \n \n1998 \n \n1999 \n \n2000 \n \n2001 \n \n2002 \n \n2003 \n \n2004 \n \n2005 \n \nCommercial Construction Continues to Expand \n \nNote: All indicators are seasonally adjusted. \n*** The Georgia Department of Labor's Leading Economic Indicator (LEI), which reflects activity that will impact the economy in the future (3 to 6 months), made solid gains for most of the second quarter. The index accelerated in April (183.9,+ 1.9%) , then slipped in May (183.7,- 0.1%), before closing out the quarter in June ( 185.3,+ 0.8%). Commercial construction captured the lime-light again; however, this time by posting solid consecutive double-digit increases throughout the reporting period. Sales of motor vehicles had strong increases in April and June. Nonresidential construction controlled the index for another quarter; construction was up in April (+13.5%), May (+16.3%) and June \n \n(+17.2%). Sales of new motor vehicles laced with friendly incentives contributed to ending the quarter on the positive side (+18.2 in June). Initial jobless claims declined in April (-18.3%) and May (-5.3%) before increasing in June (+28.8%). Residential construction fluctuated during the quarter, but remain above last year's levels. New business filings started and ended the quarter in positive territory. \nThe Coincident Economic Indicator (CEI), which measures current conditions, posted minimal consecutive gains during the second quarter. The index increased to 175.7 (+ 0.6%) in April before moving ahead slightly to 175.8 in May then to 176.0 in June (+0.7%). \nModest hiring in the retail sector \n \n(+04% in April and 0.1% in June) along with a solid month of higher state revenue (up 14.2% in April) were the main contributors in moving the index forward during the quarter. Weekly manufacturing hours continued to climb, closing in on 40 hours. Unemployment increased as the school year came to a close reflecting some of the difficulties that younger workers are facing in the job market. \nKey developments during the second quarter such as: volatile gas prices, higher interest rates and inflation will weigh heavily on consumers and businesses the reminder of the year. \n \n4 Economic Indicators / Second Quarter 2004 \n \nGeorgia Department of Labor \n \n Georgia \nNonagricultural Employment change from previous month \nRetail Employment change from previous month \nManufacturing Employment change from previous month \nManufacturing Workweek (hours) change from previous month \nWeekly Manufacturing Earnings change from previous month \nNonagricultural Job Openings Unfilled change from previous month \nInitial Unemployment Claims change from previous month \nContinued Unemployment Claims change from previous month \nUnemployment rate (not seasonally adjusted) change from previous month \nInsured Unemployment Rate change from previous month \nNew Motor Vehicle Sales change from previous month \nResidential Construction ( building permits ) change from previous month \nNonresidential Construction ( dollar value ) change from previous month \nNew Business Corporations change from previous month \nTotal State Revenues ( in millions ) change from previous month \nDeflated State Revenues ( in millions ) change from previous month \nGeorgia Department of Labor \n \nJune 2004 3,885,103 0.02% \n439,958 0.12% \n447,750 -0.47% \n39.5 0.67% \n$606.38 -0.09% \n14,457 -7.25% \n43,876 28.83% \n313,160 26.56% \n4.6% - - \n1.62% - - \n48,004 18.21% \n7,659 -12.56% \n$582,952,423 17.28% \n6,427 35.54% \n$1,057,423,693 -8.23% \n557,417,000 -8.52% \n \nMay 2004 3,884,360 -0.22% \n439,448 -0.23% \n449,867 -0.18% \n39.2 0.53% \n$606.94 -0.45% \n15,586 0.00% \n34,056 -5.36% \n247,439 4.89% \n3.8% - - \n1.61% - - \n40,609 -11.58% \n8,759 11.68% \n$497,050,575 16.32% \n4,742 -32.80% \n$1,152,275,890 -7.39% \n609,349,600 -7.93% \n \nApril 2004 3,893,028 \n- - \n440,445 - - \n450,659 - - \n39.0 - - \n$609.68 - - \n15,585 - - \n35,983 - - \n235,906 - - \n3.5% - - \n1.64% - - \n45,926 - - \n7,843 - - \n$427,323,333 - - \n7,056 - - \n$1,244,259,596 - - \n661,840,400 - - \n \nEconomic Indicators / Second Quarter 2004 5 \n \n MILLIONS \n \nTHOUSANDS \n \nGEORGIA \n3. 95 2002-2003 2003-2004 \n3. 91 \n3. 87 \n \n44. 2 42. 7 41. 3 \n \n2002-2003 2003-2004 \n \nHOURS \n \n3. 83 \n3. 79 \nNonagricultural Employment \n3. 75 500 480 460 440 \n \nDOLLARS \n \n39. 8 38. 4 36. 9 $650 $620 $590 $560 \n \nManufacturing Workweek \n \n420 \nRetail Employment \n400 \n510 \n490 \n470 \n \n$530 \nAverage Weekly Manufacturing Earnings \n$500 $340 \n$325 \n$310 \n \nDOLLARS \n \n450 \n \n$295 \n \n430 \n \n$280 \n \nManufacturing Employment \n \nDeflated Average Weekly Manufacturing Earnings \n \n410 \n \nJ \n \nA \n \nS \n \nO \n \nN \n \nD \n \nJ \n \nF \n \nM \n \nA \n \nM \n \nJ \n \n$265 \n \nJ \n \nA \n \nS \n \nO \n \nN \n \nD \n \nJ \n \nF \n \nM \n \nA \n \nM \n \nJ \n \nEmployment \n \n2002: Q3 Q4 \n2003: Q1 Q2 Q3 Q4 \n2004: Q1 Apr May Jun \n \nNonag \n3,861,691 3,863,809 3,866,128 3,846,268 3,861,261 3,867,909 3,886,512 3,893,028 3,884,360 3,885,103 \n \nRetail \n449,569 447,650 445,182 444,670 445,490 438,924 438,980 440,445 439,448 439,958 \n \nMfg. \n466,223 460,456 461,090 453,198 445,885 446,520 451,947 450,659 449,867 447,750 \n \nAll graphs contain monthly data and are seasonally adjusted, except where noted. \n \nManufacturing \n \nAvg. Work Week \n \nWeekly Earnings \n \n40.6 \n \n$536.72 \n \n40.6 \n \n557.99 \n \n40.6 \n \n565.18 \n \n40.4 \n \n571.81 \n \n39.2 \n \n548.95 \n \n38.9 \n \n554.68 \n \n39.3 \n \n572.31 \n \n39.0 \n \n609.68 \n \n39.2 \n \n606.94 \n \n39.5 \n \n606.38 \n \nDeflated Wkly Earnings \n$297.17 308.00 308.83 311.33 297.45 300.48 307.24 324.30 320.96 319.65 \n \nTHOUSANDS \n \n6 Economic Indicators / Second Quarter 2004 \n \nGeorgia Department of Labor \n \n THOUSANDS \n \nTHOUSANDS \n \nGEORGIA \n19. 7 2002-2003 2003-2004 \n16. 2 \n12. 7 \n9. 2 \n5. 7 \nNonagricultural Job Openings Unfilled \n2. 2 \n99. 6 \n80. 9 \n62. 1 \n43. 4 \n24. 6 \nInitial Unemployment Claims \n5. 9 \n550 \n \nPERCENTAGES \n \nPERCENTAGES \n \n6. 0 2002-2003 2003-2004 \n5. 4 \n4. 8 \n4. 3 \n3. 7 \nUnemployment Rate \n3. 1 3. 26 \n2. 76 \n2. 26 \n1. 76 \n1. 26 \nInsured Unemployment Rate \n0. 76 \n60 \n \n450 \n \n53 \n \nTHOUSANDS \n \n350 \n \n47 \n \n250 \n \n40 \n \n150 \n \nContinued Unemployment Claims \n \n50 \n \nJ \n \nA \n \nS \n \nO \n \nN \n \nD \n \nJ \n \nF \n \nM \n \nA \n \nM \n \nJ \n \n34 \n \nNew Motor Vehicle Sales \n \n27 \n \nJ \n \nA \n \nS \n \nO \n \nN \n \nD \n \nJ \n \nF \n \nM \n \nA \n \nM \n \nJ \n \nTHOUSANDS \n \n2002: Q3 Q4 \n2003: Q1 Q2 Q3 Q4 \n2004: Q1 Apr May Jun \n \nJob Openings \n10,116 10,974 11,306 11,771 13,958 14,006 14,722 15,585 15,586 14,457 \n \nInitial Claims \n45,025 50,810 50,806 55,314 53,114 44,851 41,766 35,983 34,056 43,876 \n \n1 Rate at the end of each quarter, except for monthly rates. \n \nUnemployment \n \nContinued Claims \n314,548 \n \nRate 1 \n5.4% \n \n299,306 \n \n5.1% \n \n315,345 \n \n4.7% \n \n321,971 \n \n5.4% \n \n307,311 \n \n4.6% \n \n275,545 \n \n4.0% \n \n268,956 \n \n3.6% \n \n235,906 \n \n3.5% \n \n247,439 \n \n3.8% \n \n313,160 \n \n4.6% \n \nInsured 1 \n1.94% 2.14% 1.98% 2.02% 1.88% 1.73% 1.58% 1.64% 1.61% 1.62% \n \nNew Motor Vehicle Sales \n45,782 42,889 42,671 43,318 44,085 43,771 39,821 45,926 40,609 48,004 \n \nGeorgia Department of Labor \n \nEconomic Indicators / Second Quarter 2004 7 \n \n HOUSEHOLD UNITS \n \nMILLIONS \n \nGEORGIA \n \n11, 200 10, 100 \n \n2002-2003 2003-2004 \n \n8, 000 7, 000 \n \n2002-2003 2003-2004 \n \nCHARTERS \n \n9, 000 \n \n6, 000 \n \n7, 900 \n \n5, 000 \n \n6, 800 5, 700 $ 810 $ 672 $ 534 $ 396 $ 258 $ 120 \n \nResidential Construction Nonresidential Construction \n \nMILLIONS \n \n4, 000 3, 000 $1,683 $1,466 $1,250 $1,033 $817 $600 \n \nNew Business Corporations Total State Revenue \n \n$ 675 \n \n$ 940 \n \n$ 550 \n \n$ 823 \n \nMILLIONS \n \n$ 425 \n \n$ 706 \n \n$ 300 \n \n$ 589 \n \n$ 175 \nDeflated Nonresidential Construction \n \n$ 472 \nDeflated Total State Revenue \n \n$ 50 \n \n$ 355 \n \nJ \n \nA \n \nS \n \nO \n \nN \n \nD \n \nJ \n \nF \n \nM \n \nA \n \nM \n \nJ \n \nJ \n \nA \n \nS \n \nO \n \nN \n \nD \n \nJ \n \nF \n \nM \n \nA \n \nM \n \nJ \n \nMILLIONS \n \nConstruction Residential 2 Non-residential 1 Deflated non-res 1 \n \n2001: Q3 \n \n7,815 \n \nQ4 \n \n7,982 \n \n2003: Q1 \n \n7,343 \n \nQ2 \n \n6,938 \n \nQ3 \n \n8,754 \n \nQ4 \n \n8,593 \n \n2004: Q1 \n \n8,515 \n \nApr \n \n7,843 \n \nMay \n \n8,759 \n \nJun \n \n7,659 \n \n1 Data rounded \n \n2 Household units 3 Includes limited liability companies \n \n$426,161,000 481,984,000 415,385,000 410,004,000 476,499,000 362,503,000 471,027,000 427,323,000 497,051,000 582,952,000 \n \n$343,585,900 382,932,200 323,844,900 318,408,500 367,196,800 273,518,400 347,963,800 311,687,100 359,400,600 421,512,700 \n \n8 Economic Indicators / Second Quarter 2004 \n \nNew Business Corporations 3 \n5,274 5,158 4,912 5,749 5,601 6,158 5,463 7,056 4,742 6,427 \n \nTotal State Revenue 1 Deflated Rev. 1 \n \n$1,037,890,000 1,076,190,000 1,044,060,000 1,053,930,000 1,080,440,000 1,121,440,000 1,092,800,000 1,244,260,000 1,152,280,000 1,057,420,000 \n \n$574,689,900 594,033,100 570,524,600 573,827,600 585,392,800 607,497,300 586,685,800 661,840,400 609,349,600 557,417,000 \n \nGeorgia Department of Labor \n \n Consumer Price Index for Atlanta \n \nChart is not seasonally adjusted \n \nYEAR \n \nJAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC Rate * \n \n1985 \n \n107.0 \n \n107.6 \n \n1986 \n \n111.7 \n \n111.1 \n \n1987 1988 1989 \n \n1990 \n \n1991 \n \n1992 \n \n1993 \n \n1994 \n \n1995 \n \n1996 \n \n1997 \n \n1998 \n \n159.5 \n \n160.8 \n \n1999 \n \n161.9 \n \n164.0 \n \n2000 \n \n167.4 \n \n169.8 \n \n2001 \n \n175.3 \n \n176.6 \n \n2002 \n \n176.1 \n \n178.6 \n \n2003 \n \n180.7 \n \n182.1 \n \n2004 \n \n180.7 \n \n182.3 \n \n* Annual rate computed from December to December \n \n108.8 112.2 115.5 119.1 124.9 130.8 135.5 138.6 142.2 146.7 150.3 154.7 158.3 162.0 164.8 170.9 177.8 179.1 181.5 185.7 \n \n109.9 112.4 \n161.9 165.9 172.1 176.9 179.7 181.7 \n \n110.4 112.7 \n162.0 166.5 171.9 176.7 179.4 180.1 \n \n111.2 113.5 117.5 121.7 127.3 132.6 136.2 138.5 144.7 146.7 151.5 157.2 159.5 161.6 167.0 171.9 174.8 177.3 179.0 \n \n5.4% 2.1% 3.8% 3.3% 4.7% 4.4% 3.2% 1.9% 3.5% 2.3% 2.9% 3.4% 1.9% 1.4% 3.3% 2.9% 1.7% 1.4% 1.0% \n \nSource: U.S. Bureau of Labor Statistics @ www.bls.gov \n \nInflation Heats-up In The Metro Area \n \nThe Consumer Price Index for All Urban Consumers (CPI-U) for Atlanta increased 1.9 percent over the two months ending in June to a level of 185.7 (198284=100), not seasonally adjusted, as reported by the Bureau of Labor Statistics of the U.S. Department of Labor. For the 12 months ending in June, the CPI-U for Atlanta increased 2.3 percent after recording a twelve-month percent change of 0.1 percent in April 2004. \nOver the two months, higher costs for housing and transportation accounted for most of the increase in the all items index. Energy costs advanced 17.5 percent, the largest bimonthly increase recorded since the index began in 1978. Excluding \n \nfood and energy, the CPI-U for Atlanta increased 0.2 percent in the two month period ending in June. \nOver the past 12 months, the CPI-U for Atlanta has increased 2.3 percent. During that time period, energy costs advanced 18.4 percent. Excluding the cost of food and energy, the CPI-U for Atlanta decreased 0.2 percent in the 12 months ending in June. \nThe index for housing advanced 2.8 percent due to rising costs for fuels and utilities (17.9 percent). The rise in costs for fuel and utilities was the largest bimonthly increase since June 1998 when the index advanced 18.2 percent. Shelter costs rose 0.3 percent over the two month period after increasing 0.8 percent in the two months ending in April 2004. Costs for utility (piped) gas service increased 7.8 percent over the past two months. \n \nAfter increasing 3.6 percent in the two months ending in April 2004, apparel costs have decreased 6.5 percent in the May-June pricing period. Over the past 12 months, apparel costs in Atlanta declined 10.7 percent, compared to a 5.5 percent decline recorded in the 12 months ending in June 2003. \nThe transportation index rose 3.6 percent due to rising gasoline costs. The index for gasoline advanced 12.0 percent over the past two months. Over the year, transportation costs have risen 8.4 percent. \nOther indexes include the medical care index, which decreased 0.1 percent over the two months ending in June 2004. Over the year, the index for medical care rose 1.8 percent. \n \nGeorgia Department of Labor \n \nEconomic Indicators / Second Quarter 2004 9 \n \n Metro Atlanta Index of Economic Indicators \n184.9 \nLeading indicators Coincident indicators \n165.6 \n \n146.3 \n \n127.1 \n \n107.8 \n1995-96 = 100 \n \n88.5 \n \n97 \n \n98 \n \n99 \n \n00 \n \n01 \n \n02 \n \n03 \n \n04 \n \n05 \n \nConstruction Shifts to The Commercial Industry \n \nNote: All indicators are seasonally adjusted. \n \n*** \n \nAtlanta's Leading and Coincident Economic Indicators continued to show improvement by increasing two of the three months during the quarter. The Leading Economic Indicator (LEI) posted sizable gains in April and May, which were fueled by advances in the commercial construction sector and fewer initial unemployment claims. The LEI hit the 175.1 mark in April (+1.3%) then accelerated forward to 177.7 in May (+1.5%), before decelerating to 177.5 in June. \nThe increased value of nonresidential construction was the main culprit behind the indicator's momentum. Construction increased to $227.4 million (+45.0%) in April and May to $308.4 million (+35.6%) then proceeded north again in June \n \nto $361.2 million (+17.2%). Initial unemployment claims declined in April (-7.4%) and May (-2.4%), before increasing in June (+11.7%). Residential construction declined in April (-24.0%), but managed to recover in May (+33.0%) before declining again in June (-22.6%). Construction seems to be shifting to the commercial sector as interest rates increase and residential housing cools off. \nThe Coincident Economic Indicator (CEI), which measures current conditions, posted modest gains during the quarter. The index moved to 175.8 in April (+0.5%) before declining to 175.6 in May (-0.1%) then moved forward again in June to 177.3 \n \n(+0.9%). Increases in retail employment and manufacturing hours worked managed to push the index ahead in April and June. Retailers increased employment in April and May (up 0.4% and 0.3%, respectively) expecting stronger sales heading into the summer. The manufacturing average workweek moved closer to 40 hours, helping to create more demand in the transportation and warehouse industry as retailers restocked inventory. More workers entered the jobforce in June moving the metro's unemployment rate higher, matching the state's rate of 4.6 percent. \n \n10 Economic Indicators / Second Quarter 2004 \n \nGeorgia Department of Labor \n \n Metro Atlanta \n \nJun-2004 \n \nMay-2004 \n \nPercent Percent \n \nChange Change \n \nMay-2004 Apr-2004 \n \nto \n \nto \n \nApr-2004 Jun-2004 May-2004 \n \nNonagricultural Employment \n \n2,168,490 \n \nWholesale Employment \n \n134,975 \n \nRetail Employment \n \n242,003 \n \nAccommodation and Food Services Employment \n \n183,889 \n \nManufacturing Employment \n \n168,969 \n \nGovernment Employment \n \n287,825 \n \nConstruction Employment \n \n117,807 \n \nTrans., Warehousing and Utilities Employment \n \n116,928 \n \nFinancial Activities Employment \n \n147,301 \n \nProfessional and Business Services Employment \n \n338,864 \n \nHospital Services Employment \n \n59,131 \n \nSocial Assistance Employment \n \n26,780 \n \nManufacturing Workweek \n \n38.2 \n \nManufacturing Earnings \n \n$642.17 \n \nDeflated Manufacturing Earnings \n \n$338.52 \n \nInitial Unemployment Claims \n \n12,438 \n \nContinued Unemployment Claims \n \n165,826 \n \nTotal Unemployment Rate ( not seasonally adjusted ) \n \n4.6 \n \nInsured Unemployment Rate \n \n1.53% \n \nMARTA Passengers \n \n5,820,000 \n \nCobb County Transit Passengers \n \n230,281 \n \nResidential Construction (household units) \n \n4,934 \n \nNonresidential Construction (value) \n \n$361,210,000 \n \nDeflated Nonresidential Construction \n \n$261,200,000 \n \nHotel Occupancy \n \n62.0% \n \nAverage Hotel Room Rates \n \n$95.52 \n \nDeflated Average Hotel Room Rate \n \n$50.35 \n \nAverage 30-Year Fixed Mortgage Rate \n \n6.35% \n \nAverage 15-Year Fixed Mortgage Rate \n \n5.77% \n \nAverage One-Year Adjustable Mortgage Rate \n \n4.11% \n \n2,169,862 135,423 242,182 183,720 170,446 288,063 119,283 116,068 147,013 338,549 58,363 26,716 37.7 $641.52 $339.25 11,131 129,378 3.9 1.56% \n5,197,000 196,289 6,379 \n$308,416,000 $223,000,000 \n58.6% $94.01 $49.71 6.34% 5.76% 3.84% \n \n2,175,732 135,859 241,390 185,138 171,218 290,988 118,857 116,058 146,935 340,993 57,910 26,449 38.2 $631.26 $335.78 11,404 124,975 3.6 1.52% \n5,839,000 212,027 4,796 \n$227,424,000 $165,900,000 \n65.0% $95.17 $50.62 5.86% 5.22% 3.29% \n \n-0.06% -0.33% -0.07% 0.09% -0.87% -0.08% -1.24% 0.74% 0.20% 0.09% 1.32% 0.24% 1.30% 0.10% -0.21% 11.74% 28.17% \n11.99% 17.32% -22.66% 17.12% 17.13% 1.61% 1.29% - \n \n-0.27% -0.32% 0.33% -0.77% -0.45% -1.01% 0.36% 0.01% 0.05% -0.72% 0.78% 1.01% -1.27% 1.62% 1.03% -2.40% 3.52% \n-11.00% -7.42% 33.01% 35.61% 34.42% -1.22% -1.80% - \n \nGeorgia Department of Labor \n \nEconomic Indicators / Second Quarter 2004 11 \n \n MILLIONS \n \nTHOUSANDS \n \nMetro Atlanta \n \n2. 24 2. 20 \n \n2002-2003 2003-2004 \n \n2. 17 \n \n2. 13 \n \n2. 10 \nNonagricultural Employment \n2. 06 \n150 \n \n145 \n \n140 135 \n \n130 \nWholesale Employment \n125 \n270 \n \n260 \n \n250 \n \n240 \n \n230 \nRetail Employment \n \n220 \n \nJ \n \nA \n \nS \n \nO \n \nN \n \nD \n \nJ \n \nF \n \nM \n \nA \n \nM \n \nJ \n \nTHOUSANDS \n \nTHOUSANDS \n \nTHOUSANDS \n \n300 2002-2003 2003-2004 \n250 \n \n200 150 \n \n100 \nAccommodation and Food Services \n50 \n220 \n \n200 \n \n180 \n \n160 \n \n140 \nManufacturing Employment \n120 \n310 \n \n300 \n \n290 \n \n280 \n \n270 \n \nGovernment Employment \n \n260 \n \nJ \n \nA \n \nS \n \nO \n \nN \n \nD \n \nJ \n \nF \n \nM \n \nA \n \nM \n \nJ \n \nPeriod \n2002: Q3 Q4 \n2003: Q1 Q2 Q3 Q4 \n2004: Q1 Apr May Jun \n \nNonag \n2,166,405 2,171,614 2,160,724 2,150,461 2,162,940 2,160,913 2,176,898 2,175,732 2,169,862 2,168,490 \n \nWholesale \n139,903 140,712 137,432 136,427 136,355 136,152 136,495 135,859 135,423 134,975 \n \nEmployment \n \nRetail \n \nAccom. \u0026 Food Services \n \n246,147 245,580 240,992 241,539 242,916 237,683 240,187 241,390 242,182 242,003 \n \n168,635 170,700 174,820 175,425 177,603 181,055 184,638 185,138 183,720 183,889 \n \nManufacturing \n168,863 167,589 172,209 171,461 169,390 168,438 170,551 171,218 170,446 168,969 \n \nGovernment \n285,049 286,414 289,447 285,599 287,179 289,100 291,849 290,988 288,063 287,825 \n \nTHOUSANDS \n \n12 Economic Indicators / Second Quarter 2004 \n \nGeorgia Department of Labor \n \n THOUSANDS \n \nTHOUSANDS \n \nMetro Atlanta \n132 2002-2003 2003-2004 \n126 \n120 \n114 \n108 \nConstruction Employment \n102 \n140 \n130 \n120 \n110 \n100 \nTransportation, Warehousing \u0026 Utilities Employment \n90 \n155 \n \nTHOUSANDS \n \nTHOUSANDS \n \n400 2002-2003 2003-2004 \n380 \n360 \n340 \n320 \nProfessional and Business Services Employment \n300 \n80 \n70 \n60 \n50 \n40 \nHospital Services Employment \n30 \n40 \n \n151 \n \n35 \n \n147 \n \n30 \n \nTHOUSANDS \n \n143 \n \n25 \n \n139 \nFinancial Activities Employment \n \n20 \nSocial Assistance Employment \n \n135 \n \nJ \n \nA \n \nS \n \nO \n \nN \n \nD \n \nJ \n \nF \n \nM \n \nA \n \nM \n \nJ \n \n15 \n \nJ \n \nA \n \nS \n \nO \n \nN \n \nD \n \nJ \n \nF \n \nM \n \nA \n \nM \n \nJ \n \nPeriod \n2002 Q3 Q4 \n2003 :Q1 Q2 Q3 Q4 \n2004 Q1 Apr May Jun \n \nConstruction \n114,541 114,879 115,209 113,535 115,036 118,626 120,719 118,857 119,283 117,807 \n \nTrans, Ware \u0026 Utilities \n115,772 116,245 117,127 113,908 113,878 114,204 112,360 116,058 116,068 116,928 \n \nEmployment \n \nFinancial Activities \n \nProfessional \u0026 Business Services \n \n144,937 148,190 147,888 148,043 149,176 147,114 148,020 146,935 147,013 147,301 \n \n360,484 360,186 338,255 334,512 338,906 340,349 343,056 340,993 338,549 338,864 \n \nHospital Services \n55,074 56,032 56,879 56,542 57,389 57,867 57,678 57,910 58,363 59,131 \n \nSocial Assistance \n25,183 25,330 25,887 25,616 26,035 26,076 26,767 26,449 26,716 26,780 \n \nTHOUSANDS \n \nGeorgia Department of Labor \n \nEconomic Indicators / Second Quarter 2004 13 \n \n HOURS \n \nDOLLARS \n \nMetro Atlanta \n \n43. 0 41. 0 \n \n2002-2003 2003-2004 \n \n39. 0 \n \n37. 0 \n \n26.9 21.9 16.9 11.9 \n \n2002-2003 2003-2004 \n \nTHOUSANDS \n \n35. 0 \nManufacturing Workweek \n33. 0 $ 675 \n$ 635 \n$ 595 \n$ 555 \n$ 515 \nManufacturing Earnings \n$ 475 \n475 \n \nTHOUSANDS \n \n6.9 \nInitial Unemployment Claims \n1.9 \n275 \n225 \n175 \n125 \n75 \nContinued Unemployment Claims \n25 \n7. 0 \n \n420 \n \n365 \n \n310 \n \n255 \nDeflated Manufacturing Earnings \n \n200 \n \nJ \n \nA \n \nS \n \nO \n \nN \n \nD \n \nJ \n \nF \n \nM \n \nA \n \nM \n \nJ \n \nPERCENTAGES \n \n6. 0 \n \n5. 0 \n \n4. 0 \n \nUnemployment Rate \n \n3. 0 \n \nJ \n \nA \n \nS \n \nO \n \nN \n \nD \n \nJ \n \nF \n \nM \n \nA \n \nM \n \nJ \n \nDOLLARS \n \nPeriod \n2002: Q3 Q4 \n2003: Q1 Q2 Q3 Q4 \n2004: Q1 Apr May Jun \n \nWork Week (hrs) \n39.0 39.5 40.8 40.3 38.9 39.2 38.3 38.2 37.7 38.2 \n \nManufacturing \nWeekly Earnings \n$593.49 604.99 568.10 568.80 543.54 560.37 605.62 631.26 641.52 642.17 \n \nDeflated Earnings \n$328.62 333.94 310.45 309.70 294.52 303.56 325.14 335.78 339.25 338.52 \n \n14 Economic Indicators / Second Quarter 2004 \n \nInitial Claims \n13,060 13,623 13,272 15,564 13,186 11,560 11,525 11,404 11,131 12,438 \n \nUnemployment \nContinued Claims \n173,034 163,621 158,677 178,406 161,618 146,319 126,715 124,975 129,378 165,826 \n \nRate \n5.6% 5.2% 4.7% 5.5% 4.8% 4.0% 3.8% 3.6% 3.9% 4.6% \n \nGeorgia Department of Labor \n \n PERCENTAGES \n \nMILLIONS \n \nMetro Atlanta \n2. 9 2002-2003 2003-2004 \n2. 5 \n2. 1 \n1. 7 \n1. 3 \nInsured Unemployment Rate \n0. 9 7. 0 \n6. 5 \n6. 0 \n5. 5 \n5. 0 \nMARTA Passengers \n4. 5 \n250 \n \nMILLIONS \n \nHOUSEHOLD UNITS ( THOUSANDS ) \n \n7. 5 6. 6 5. 8 4. 9 4. 1 3. 2 $ 750 $ 600 $ 450 $ 300 $ 150 $0 $ 510 \n \n2002-2003 2003-2004 \nResidential Construction \nNonresidential Construction \n \n225 \n \n$ 410 \n \n200 \n \n$ 310 \n \nMILLIONS \n \n175 \n \n$ 210 \n \n150 \nCobb Community Transit Passengers \n \n$ 110 \nDeflated Nonresidential Construction \n \n125 \n \nJ \n \nA \n \nS \n \nO \n \nN \n \nD \n \nJ \n \nF \n \nM \n \nA \n \nM \n \nJ \n \n$ 10 \n \nJ \n \nA \n \nS \n \nO \n \nN \n \nD \n \nJ \n \nF \n \nM \n \nA \n \nM \n \nJ \n \nTHOUSANDS \n \nPeriod \n \nInsured Unemployment \nRate 2 \n \nTransit Passengers \n \nMARTA 1 \n \nCobb Community \n \n2002: Q3 \n \n1.83% \n \n5,361,200 \n \n178,376 \n \nQ4 \n \n1.84% \n \n5,456,900 \n \n193,958 \n \n2003: Q1 \n \n1.81% \n \n5,476,300 \n \n191,127 \n \nQ2 \n \n1.93% \n \n5,570,400 \n \n190,276 \n \nQ3 \n \n1.75% \n \n5,506,000 \n \n202,328 \n \nQ4 \n \n1.54% \n \n5,577,700 \n \n217,738 \n \n2004: Q1 \n \n1.47% \n \n5,538,100 \n \n216,195 \n \nApr \n \n1.52% \n \n5,839,200 \n \n212,027 \n \nMay \n \n1.56% \n \n5,196,700 \n \n196,289 \n \nJun \n \n1.53% \n \n5,820,500 \n \n1 Data rounded 2 Rate at the end of each quarter, except for monthly rates. \n \n3 Household units \n \n230,281 \n \nGeorgia Department of Labor \n \nResidential 3 \n5,180 5,442 4,831 4,623 6,149 5,992 5,843 4,796 6,379 4,934 \n \nConstruction \nNonresidential 1 \n$290,063,000 285,491,000 236,366,000 250,483,000 290,529,000 186,460,000 303,366,000 227,424,000 308,416,000 361,210,000 \n \nDeflated Non-res \n$233,766,667 226,833,333 184,166,667 194,533,333 223,733,333 140,633,333 224,133,333 165,900,000 223,000,000 261,200,000 \n \nEconomic Indicators / Second Quarter 2004 15 \n \n PERCENTAGES \n \nDOLLARS \n \nMetro Atlanta \n75 2002-2003 2003-2004 \n69 \n63 \n56 \n50 \nHotel Occupancy \n44 \n$ 110 \n$ 100 \n$ 90 \n$ 80 \n$ 70 \nAverage Hotel Room Rates \n$ 60 \n$ 60 \n \nPERCENTAGES \n \nPERCENTAGES \n \n7. 60 7. 00 \n \n2002-2003 2003-2004 \n \n6. 40 \n \n5. 80 \n \n5. 20 \nAverage 30-Year Fixed Mortgage Rates \n4. 60 \n7. 10 \n \n6. 48 \n \n5. 86 \n \n5. 24 \n \n4. 62 \nAverage 15-Year Fixed Mortgage Rates \n4. 00 \n7. 41 \n \n$ 54 \n \n6. 21 \n \nPERCENTAGES \n \n$ 48 \n \n5. 01 \n \n$ 42 \n \n3. 81 \n \n$ 36 \n \n$ 30 \n \nJ \n \nA \n \nDeflated Average Hotel Room Rates \n \nS \n \nO \n \nN \n \nD \n \nJ \n \nF \n \nM \n \nA \n \n2. 61 \n \nAverage One-Year Adjustable Mortgage Rates \n \n1. 41 \n \nM \n \nJ \n \nJ \n \nA \n \nS \n \nO \n \nN \n \nD \n \nJ \n \nF \n \nM \n \nA \n \nM \n \nJ \n \nDOLLARS \n \nHotel Data \n \nPeriod \n \nOccupancy% 3 \n \nRoom Rates 3 \n \nDeflated Room Rates \n \n2002 Q3 \n \n57.7% \n \n$75.75 \n \n$41.94 \n \nQ4 \n \n58.2% \n \n77.10 \n \n42.56 \n \n2003 :Q1 \n \n56.8% \n \n74.18 \n \n40.54 \n \nQ2 \n \n55.3% \n \n72.16 \n \n39.29 \n \nQ3 \n \n63.4% \n \n92.57 \n \n50.16 \n \nQ4 \n \n61.8% \n \n93.24 \n \n50.51 \n \n2004 Q1 \n \n65.1% \n \n93.48 \n \n50.18 \n \nApr \n \n65.0% \n \n95.17 \n \n50.62 \n \nMay \n \n58.6% \n \n94.01 \n \n49.71 \n \nJun \n \n62.0% \n \n95.52 \n \n50.35 \n \n1 Rate does not include points 2 Mortgage rates are not seasonally adjusted \n3 Hotel data compiled after July 2003 is not comparable to prior time periods. \n \n16 Economic Indicators / Second Quarter 2004 \n \n3 0 - Ye a r Fixed 1 \n6.16% 6.00% 5.74% 5.22% 6.20% 5.91% 5.47% 5.86% 6.34% 6.35% \n \nMortgage Rates \n \n1 5 - Ye a r Fixed 1,2 \n \nO n e - Ye a r Rate Adjustable1,2 \n \n5.58% 5.40% 5.10% 4.61% 5.47% 5.24% 4.78% 5.22% 5.76% 5.77% \n \n4.20% 3.63% 3.43% 3.18% 3.66% 3.57% 3.07% 3.29% 3.84% 4.11% \n \nGeorgia Department of Labor \n \n Dear Subscriber to Economic Indicators: Several new methods for releasing the Economic Indicators publication have been introduced \nwithin the last few years. 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Workforce Information and Analysis"],"dc_date":["2004"],"dcterms_description":["Quarterly","Latest issue consulted: Vol. 9, issue 2 (2nd quarter 2003)","Merger of: Georgia economic indicators. Monthly report, and: Metro Atlanta economic indicators. Monthly report"],"dc_format":["application/pdf"],"dcterms_identifier":null,"dcterms_language":["eng"],"dcterms_publisher":["Atlanta, Ga. : Georgia Dept. of Labor, Workforce Information and Analysis, 2004"],"dc_relation":null,"dc_right":["http://rightsstatements.org/vocab/InC/1.0/"],"dcterms_is_part_of":null,"dcterms_subject":["Georgia--Economic conditions--Statistics--Periodicals","Economic indicators--Georgia--Periodicals"],"dcterms_title":["Georgia-Atlanta economic indicators. Quarterly report, Vol. 10, no. 3 (Third quarter 2004)","Georgia economic indicators. Quarterly report","Quarterly report","Georgia economic indicators. Monthly report","Metro Atlanta economic indicators. Monthly report"],"dcterms_type":["Text"],"dcterms_provenance":["University of Georgia. Map and Government Information Library"],"edm_is_shown_by":["https://dlg.galileo.usg.edu/do:dlg_ggpd_i-ga-bl200-pe46-bp1-be31-b10-s3-belec-p-btext"],"edm_is_shown_at":["https://dlg.galileo.usg.edu/id:dlg_ggpd_i-ga-bl200-pe46-bp1-be31-b10-s3-belec-p-btext"],"dcterms_temporal":null,"dcterms_rights_holder":null,"dcterms_bibliographic_citation":null,"dlg_local_right":null,"dcterms_medium":["reports","state government records"],"dcterms_extent":null,"dlg_subject_personal":null,"iiif_manifest_url_ss":null,"dcterms_subject_fast":null,"fulltext":"Economic \n \nIndicators \n \nA Quarterly Report of Georgia and Metro Atlanta Labor Market and Economic Trends \n \nThird Quarter 2004 \n \nVolume 10, Issue 3 \n \nGeorgia Department of Labor \nMichael L. Thurmond Commissioner \n \n Georgia-Atlanta Economic Indicators \nQuarterly Report Third Quarter - 2004 \nVolume 10, Issue 3 \n \nCover art: Valdosta State College, Valdosta, Georgia by Huey J. Theus \nGeorgia Economic Indicators, Quarterly Report, is published by Workforce Information and Analysis, a division of the Georgia Department of Labor, 148 Andrew Young International Boulevard, N.E., Atlanta, Georgia 30303-1751. The telephone number is (404) 232-3875. \nVisit the Georgia Department of Labor web site at www.dol.state.ga.us \n \nGeorgia Department of Labor \nMichael L. Thurmond, Commissioner \n \nEqual Opportunity Employer/Programs - Auxiliary Aids and Services Available Upon Request to Individuals With Disabilities \n \nGeorgia Department of Labor \n \nEconomic Indicators / Third Quarter 2004 \n \n Contents \nHistory ............................................................................................................................................................ 1 Introduction ................................................................................................................................................. 2 U.S. Consumer Price Index ......................................................................................................................... 3 Georgia Index of Economic Indicators ...................................................................................................... 4 Georgia Data Summary ................................................................................................................................ 5 \nEmployment, Manufacturing Wages and Hours .................................................................................... 6 Nonagricultural, Retail, Manufacturing,Workweek, Earnings and Deflated Earnings \nJob Openings, Unemployment Data and Vehicle Sales ........................................................................ 7 Nonagricultural Job Openings Unfilled, Initial/ Continued Unemployment Claims, Unemployment Rate, Insured Unemployment Rate and New Motor Vehicle Sales \nConstruction, New Business and State Revenue ................................................................................... 8 Residential/ Nonresidential Construction, Deflated Nonresidential Construction, New Business Corporations, Total/ Deflated State Revenue \nConsumer Price Index for Atlanta .............................................................................................................. 9 Metro Atlanta Index of Economic Indicators ........................................................................................... 10 Atlanta Data Summary ................................................................................................................................ 11 \nEmployment Data ......................................................................................................................................... 12 Nonagricultural, Wholesale, (Retail Accommodation and Food Services), Manufacturing and Government \nEmployment Data - Continued ..................................................................................................................... 13 Construction, (Transportation, Warehousing \u0026 Utilities), Financial Activities, Professional and Business Services, Hospital Services and Social Assistance \nManufacturing Workweek, Earnings and Unemployment Data .......................................................... 14 Manufacturing -(Workweek, Earnings and Deflated Earnings), Initial/ Continued Unemployment Claims and Unemployment Rates \nUnemployment Data, Transit and Construction Data ............................................................................ 15 Insured Unemployment Rate, MARTA Passengers, Cobb Community Transit Passengers, Residential/ Nonresidential Construction and Deflated Nonresidential Construction \nHotel and Mortgage Rates ......................................................................................................................... 16 Hotel Occupancy, Average Hotel Room Rates, Deflated Average Hotel Room Rates, Average 30-Year/ 15-Year Fixed Mortgage Rates and Average One-Year Adjustable Mortgage Rates \n \n History \nIn 1906, a group of local legislators and concerned civic leaders helped to pass legislation to establish a college in Valdosta, which was named the South Georgia State Normal College. Valdosta is located close to the Florida state line, midway between the coast and Alabama. Although the college was founded in 1906, no funds were appropriated for it until 1911. The first president the trustees hired for the school was Richard Powell (1913-33), who was state superintendent of rural schools in Georgia. His travels in the West led him to choose the Spanish Mission style of architecture for the institution's buildings, a style that has been maintained throughout the years. \nThe school opened as South Georgia State Normal College in January 1913. In 1922 the school became a four-year college, and the legislature changed the name to Georgia State Woman's College (GSWC). During the tenure of GSWC president Frank Reade (1935-48), the school expanded physically from three to seven buildings. During World War II, GSWC emphasized politics and science in its curriculum, and in 1943 the Bachelor of Science degree was added. \nSoon after Reade's retirement and his replacement by Ralph Thaxton (1948-66), the board of Regents declared that in 1950, GSWC was to become a coeducational institution and would be renamed Valdosta State College. The focus of the school broadened as well. Programs in premedical, predentisty, and prepharmacy education were added, and the sciences became more prominent. Business became a popular major after 1950, and the education department began expanding its secondary offerings. The college's tradition of attracting students from south Georgia continued. During Thaxton's tenure, the college integrated peacefully in 1963. Over the next decade the college added African American students, faculty, and administrators, and Valdosta State continues to promote diversity and actively recruit minorities in all areas of campus life. \nThaxton's successor, S. Martin (1966-78), presided over a time of physical expansion of the school. The student body grew, the Division of Nursing (now the College of Nursing) was established, and many programs expanded, including those in graduate education. When Martin retired in 1978, Hugh Bailey (1978-2001) assumed the post. Under Bailey, the school doubled in size and numerous programs were added and existing courses upgraded. Throughout the 1980s, the college established off-campus sites across Georgia and began receiving state and federal grant funds to develop curricula and programs. \nIn 1993, the college became Valdosta State University (VSU), the second regional university in the University System of Georgia. VSU consists of five colleges, a graduate school, and two divisions (aerospace programs and social work). In 2001, Hugh Bailey retired as president of VSU. He was succeeded by Ronald Zaccari. Zaccari's administration began by focusing on strategic planning to strengthen the university in the twenty-first century. In 2003, VSU offered a total of fifty undergraduate majors, twenty-three masters degrees, nine educational specialists degrees, and doctorates in education. Despite the impressive growth of recent years, the school remains grounded in a concern for students' development and in meeting the educational needs of south Georgia. \nSource: www.georgiaencyclopedia.org \n \n Introduction \n \nG eorgia Economic Indicators, Quarterly Report, is designed to provide data on a number of indicators used \nto measure movement of the state's economy in a single publication. \nOur publication has changed. \nThe Georgia and Metropolitan Altanta Economic Indicator series, previously published as two separate monthly publications, are now published as a single quarterly publication. Graphs will continue to display data on monthly increments; whereas, companion data tables will display the 3-month average for each series (for 7 quarters) before alternating to a monthly format for the most recent quarter. \nAll data except those contained in the U.S. and Atlanta Consumer Price Index chart on Pages 3 and 9 are seasonally adjusted using the X11 ARIMA method. They are presented in graphic and tabular form along with an analysis. Each series shows movement over a 24-month period. Where appropriate, companion graphs and tables show data that have been deflated by the U.S. Consumer Price Index or the U.S. Construction Price Index. The purpose is to adjust for inflation and show growth in constant dollars. \nHistorical tables and graphs are included in a supplementary Georgia Economic Indicators, Historical Series, published annually. \nWorkforce Information and Analysis welcomes comments, suggestions or questions concerning the GeorgiaAtlanta Economic Indicators, Quarterly Report and Historical Series. Please address correspondence to Bill Webb, Workforce Information and Analysis, Georgia Department of Labor, 148 Andrew Young International Boulevard, N.E., Atlanta, Georgia 30303-1751. The telephone number is (404) 232-3875. \nNote: Seasonal factors updated March 2004 \nData Sources \nGeorgia Indexes of Leading and Coincident Economic Indicators*, Initial Unemployment Claims, Continuing Unemployment Claims, Insured Unemployment Rate, Nonagricultural Job Openings Unfilled, Weekly Manufacturing Earnings, Manufacturing Workweek and Employment data. -- Georgia Department of Labor \nConsumer Price Index -- U.S. Bureau of Labor Statistics, adapted from commentary by Michael Wald New Motor Vehicles, State Sales and Use Tax Collections and Total Revenue Collections -- Georgia Department of Revenue New Business Corporations -- Georgia Secretary of State Residential Construction and Construction Price Index -- U.S. Department of Commerce Nonresidential Construction -- F.W. Dodge, McGraw-Hill Construction Information Group MARTA Passengers -- Metropolitan Atlanta Rapid Transit System CCT Passengers -- Cobb Community Transit System Hotel Occupancy and Room Rates -- PKF Consulting, Atlanta, GA (as of July 2003) Mortgage Rates -- HSH Associates, Financial Publishers, Butler, NJ \n* Model for Georgia Indexes of Leading and Coincident Economic Indicators developed by Georgia State University's Economic Forecasting Center \n \n2 Economic Indicators / Third Quarter 2004 \n \nGeorgia Department of Labor \n \n Consumer Price Index \n \nChart is not seasonally adjusted \n \nYEAR JAN FEB MAR APR \n \n1991 \n \n134.6 \n \n134.8 \n \n135.0 \n \n135.2 \n \n1992 \n \n138.1 \n \n138.6 \n \n139.3 \n \n139.5 \n \n1993 \n \n142.6 \n \n143.1 \n \n143.6 \n \n144.0 \n \n1994 \n \n146.2 \n \n146.7 \n \n147.2 \n \n147.4 \n \n1995 \n \n150.3 \n \n150.9 \n \n151.4 \n \n151.9 \n \n1996 \n \n154.4 \n \n154.9 \n \n155.7 \n \n156.3 \n \n1997 \n \n159.1 \n \n159.6 \n \n160.0 \n \n160.2 \n \n1998 \n \n161.6 \n \n161.9 \n \n162.2 \n \n162.5 \n \n1999 \n \n164.3 \n \n164.5 \n \n165.0 \n \n166.2 \n \n2000 \n \n168.7 \n \n169.7 \n \n171.1 \n \n171.2 \n \n2001 \n \n175.1 \n \n175.8 \n \n176.2 \n \n176.9 \n \n2002 \n \n177.1 \n \n177.8 \n \n178.8 \n \n179.8 \n \n2003 \n \n181.7 \n \n183.1 \n \n184.2 \n \n183.8 \n \n2004 \n \n185.2 \n \n186.2 \n \n187.4 \n \n188.0 \n \n* Annual rate computed from December to December \n \nMAY \n135.6 139.7 144.2 147.5 152.2 156.6 160.1 162.8 166.2 171.3 177.7 179.8 183.5 189.1 \n \nJUN \n136.0 140.2 144.4 148.0 152.5 156.7 160.3 163.0 166.2 172.3 178.0 179.9 183.7 189.7 \n \nJUL \n136.2 140.5 144.4 148.4 152.5 157.0 160.5 163.2 166.7 172.6 177.5 180.1 183.9 189.4 \n \nAUG \n136.6 140.9 144.8 149.0 152.9 157.3 160.8 163.4 167.1 172.8 177.5 180.7 184.6 189.5 \n \nSEP \n137.2 141.3 145.1 149.4 153.2 157.8 161.2 163.6 167.9 173.7 178.3 181.0 185.2 189.9 \n \nOCT \n137.4 141.9 145.7 149.5 153.7 158.3 161.6 164.0 168.2 174.0 177.7 181.3 185.0 \n \nNOV \n137.8 142.0 145.8 149.7 153.6 158.6 161.5 164.0 168.3 174.1 177.4 181.3 184.5 \n \nDEC \n137.9 141.9 145.8 149.7 153.5 158.6 161.3 163.9 168.3 174.0 176.7 180.9 184.3 \n \nANN AVG \n136.2 140.3 144.5 148.2 152.4 156.9 160.5 163.0 166.6 172.1 177.1 179.9 184.0 \n \n* CPI RATE \n3.1% 2.9% 2.7% 2.7% 2.5% 3.3% 1.7% 1.6% 2.7% 3.4% 1.6% 2.4% 1.9% \n \nSource: U.S. Bureau Of Labor Statistics @www.bls.gov \n \nCPI Captures Increase in Energy Costs \n \nThe Consumer Price Index for All Urban Consumers (CPI-U) increased 0.2 percent in September, before seasonal adjustment, as reported by the Bureau of Labor Statistics of the U.S. Department of Labor. The September level of 189.9 (198284=100) was 2.5 percent higher than in September 2003. \nOn a seasonally adjusted basis, the CPI-U increased 0.2 percent in September, following a 0.1 percent increase in August. Energy costs, declined for the third consecutive month (down 0.4 percent in September) after advancing sharply in the first half of the year. \nThe CPI-U excluding food and energy advanced at a seasonally adjusted annual rate (SAAR) of 1.8 percent in the third quarter, following increases at rates of 2.9 and 2.3 percent in the first two quarters of 2004. The advance at a 2.3 percent SAAR for the first nine months of 2004 compares with a 1.1 percent rise in all of 2003. \n \nThe index for housing rose 0.2 percent in September, the same as in each of the preceding two months. Shelter costs, which increased 0.1 percent in August, advanced 0.4 percent in September. The index for fuels and utilities fell 0.5 percent in September. The index for fuel oil rose 2.1 percent in September and was 29.0 percent higher than a year earlier. The index for electricity was unchanged, while the index for natural gas decreased 3.1 percent. \nThe transportation index rose 0.2 percent in September, following declines in each of the preceding two months. The index for gasoline, which declined in July and August, increased 0.1 percent in September. The cost for new vehicles declined 0.2 percent in September. New vehicle prices are 1.1 percent lower than in September 2003. The index for public transportation decreased 1.1 percent, reflecting a 1.6 percent decline in airline fares. \nThe index for apparel, which declined in each of the preceding two \n \nmonths, was unchanged in September. \nMedical care costs rose 0.3 percent in September to a level 4.4 percent higher than a year ago. The index for medical care commodities increased 0.4 percent. The index for medical care services rose 0.3 percent in September. Charges for professional services and for hospital and related services increased 0.1 and 0.6 percent, respectively. \n \nFollowing is the formula for figuring \n \nConsumer Price Index changes \n \nfrom one point in time to another. \n \nIndex point change \n \nCPI \n \n112.5 \n \nLess previous index \n \n108.5 \n \nEquals index point change 4.0 \n \nPercentage change \n \nIndex point difference \n \n4.0 \n \nDivide by the previous index 108.5 \n \nEquals \n \n0.037 \n \nResults multiplied by 100 0.037x100 \n \nEquals percent change \n \n3.7% \n \nGeorgia Department of Labor \n \nEconomic Indicators / Third Quarter 2004 3 \n \n Georgia Index of Economic Indicators \n208 \nLeading indicators Coincident indicators \n181 \n \n154 \n \n128 \n \n101 \n1990 = 100 \n \n74 1997 \n \n1998 \n \n1999 \n \n2000 \n \n2001 \n \n2002 \n \n2003 \n \n2004 \n \n2005 \n \nMomentum Moves into Low Gear \n \nNote: All indicators are seasonally adjusted. \n*** The Georgia Department of Labor's Leading Economic Indicator (LEI), which reflects activity that will impact the economy in the future (3 to 6 months), made moderate advances during the third quarter. The index increased two out of the three months during the reporting period. The LEI increased in June (186.7, +0.8%), then slipped in August (186.3,-0.2%) before recovering in September (186.9, +0.3%). The index increased +0.9 percent increase during the third quarter, falling short of the +2.6 percent increased posted in the second quarter. Significant decline in initial jobless claims (-20.9% in July) assisted in elevating the index. Building permits for new homes continued to advance. \n \nCommercial construction took a dip in August (-26.6%) while jobless claims increased (+19.3%), placing downward pressure on the index. Sales of new motor vehicles contracted in July (-6.9%) before gaining ground in August (+0.7%) and September (+1.3%). \nThe Coincident Economic Indicator (CEI), which measures current conditions, registered mediocre increases during the third quarter. The CEI mirrored the gyrations of LEI, but with more compressed gains and losses. In July the index moved ahead (176.9,+0.6%) before giving most of those gains back in August (175.9, -0.6%). However, the CEI turned around in September (+0.7%), \n \nraising the index to 177.2. The index registered a gain of 0.8 percent in the third quarter, whcih was in the same proximity of the advance made in the second quarter. \nState revenues (deflated) surged in August, up +31.1 percent from July's figures. Retail employment remained subdued in July and August before recovering slightly in September. \nIt appears the state's economy is moving through a soft patch, similar to the explanation provided to congress by Alan Greenspan, Chairman of the Federal Reserve. Momentum may have slowed a bit but the economy continues to move forward. \n \n4 Economic Indicators / Third Quarter 2004 \n \nGeorgia Department of Labor \n \n Georgia \nNonagricultural Employment change from previous month \nRetail Employment change from previous month \nManufacturing Employment change from previous month \nManufacturing Workweek (hours) change from previous month \nWeekly Manufacturing Earnings change from previous month \nNonagricultural Job Openings Unfilled change from previous month \nInitial Unemployment Claims change from previous month \nContinued Unemployment Claims change from previous month \nUnemployment rate (not seasonally adjusted) change from previous month \nInsured Unemployment Rate change from previous month \nNew Motor Vehicle Sales change from previous month \nResidential Construction ( building permits ) change from previous month \nNonresidential Construction ( dollar value ) change from previous month \nNew Business Corporations change from previous month \nTotal State Revenues ( in millions ) change from previous month \nDeflated State Revenues ( in millions ) change from previous month \nGeorgia Department of Labor \n \nSept 2004 3,898,719 0.14% \n440,331 0.19% \n445,436 -0.33% \n38.4 -1.50% \n$614.46 0.49% \n15,921 7.70% \n38,105 -7.97% \n216,471 -27.26% \n4.2% - - \n1.54% - - \n45,635 1.34% \n9,518 7.59% \n$423,228,622 -4.31% \n6,074 -2.73% \n$1,323,988,158 -2.69% \n$697,938,900 -3.00% \n \nAug 2004 3,893,329 -0.02% \n439,480 -0.09% \n446,892 -0.42% \n38.9 0.21% \n$611.46 0.78% \n14,782 2.56% \n41,405 19.32% \n297,586 35.12% \n4.3% - - \n1.58% - - \n45,031 0.79% \n8,847 0.11% \n$442,297,539 -26.63% \n6,244 -5.72% \n$1,360,584,259 31.94% \n$719,502,900 31.17% \n \nJuly 2004 3,893,996 0.23% \n439,870 -0.02% \n448,755 0.22% \n38.9 -1.56% \n$606.74 0.06% \n14,413 -0.30% \n34,702 -20.91% \n220,235 -29.67% \n4.4% - - \n1.48% - - \n44,678 -6.93% \n8,837 15.39% \n$602,816,364 3.41% \n6,623 3.05% \n$1,031,229,348 -2.48% \n$548,526,600 -2.79% \n \nEconomic Indicators / Third Quarter 2004 5 \n \n MILLIONS \n \nTHOUSANDS \n \nGEORGIA \n3. 95 \n2002-2003 2003-2004 \n3. 91 \n \n44. 2 42. 7 \n \n2002-2003 2003-2004 \n \n3. 87 \n \n41. 3 \n \nHOURS \n \n3. 83 \n \n39. 8 \n \n3. 79 \nNonagricultural Employment \n3. 75 \n500 \n480 \n460 \n \n38. 4 36. 9 $ 650 $ 620 $ 590 \n \nManufacturing Workweek \n \nDOLLARS \n \n440 \n \n$ 560 \n \n420 \nRetail Employment \n400 \n510 \n \n$ 530 \nAverage Weekly Manufacturing Earnings \n$ 500 \n$ 340 \n \n490 \n \n$ 325 \n \n470 \n \n$ 310 \n \nDOLLARS \n \n450 \n \n$ 295 \n \n430 \n \n$ 280 \n \nManufacturing Employment \n \nDeflated Average Weekly Manufacturing Earnings \n \n410 \n \n$ 265 \n \nO \n \nN \n \nD \n \nJ \n \nF \n \nM \n \nA \n \nM \n \nJ \n \nJ \n \nA \n \nS \n \nO \n \nN \n \nD \n \nJ \n \nF \n \nM \n \nA \n \nM \n \nJ \n \nJ \n \nA \n \nS \n \nEmployment \n \n2002: Q4 2003: Q1 \nQ2 Q3 Q4 2004: Q1 Q2 Jul Aug Sep \n \nNonag \n3,863,809 3,866,128 3,846,268 3,861,261 3,867,909 3,886,512 3,887,497 3,893,996 3,893,329 3,898,719 \n \nRetail \n447,650 445,182 444,670 445,490 438,924 438,980 439,950 439,870 439,480 440,331 \n \nMfg. \n460,456 461,090 453,198 445,885 446,520 451,947 449,425 448,755 446,892 445,436 \n \nAll graphs contain monthly data and are seasonally adjusted, except where noted. \n \nManufacturing \n \nAvg. Work Week \n \nWeekly Earnings \n \n40.6 \n \n$557.99 \n \n40.6 \n \n565.18 \n \n40.4 \n \n571.81 \n \n39.2 \n \n548.95 \n \n38.9 \n \n554.68 \n \n39.3 \n \n572.31 \n \n39.2 \n \n607.67 \n \n38.9 \n \n606.74 \n \n38.9 \n \n611.46 \n \n38.4 \n \n614.46 \n \nDeflated Wkly Earnings \n$308.00 308.83 311.33 297.45 300.48 307.24 321.64 320.35 322.67 323.57 \n \nTHOUSANDS \n \n6 Economic Indicators / Third Quarter 2004 \n \nGeorgia Department of Labor \n \n THOUSANDS \n \nTHOUSANDS \n \nGEORGIA \n19. 7 2002-2003 2003-2004 \n16. 2 \n12. 7 \n9. 2 \n \n6. 0 2002-2003 2003-2004 \n5. 4 \n4. 8 \n4. 3 \n \nPERCENTAGES \n \n5. 7 \n \n3. 7 \n \nNonagricultural Job Openings Unfilled \n \n2. 2 \n \n3. 1 \n \n99. 6 \n \n3. 26 \n \n80. 9 \n \n2. 76 \n \nPERCENTAGES \n \n62. 1 \n \n2. 26 \n \n43. 4 \n \n1. 76 \n \n24. 6 \n \n1. 26 \n \nInitial Unemployment Claims \n \n5. 9 \n \n0. 76 \n \n550 \n \n60 \n \nUnemployment Rate Insured Unemployment Rate \n \n450 \n \n53 \n \nTHOUSANDS \n \n350 \n \n47 \n \n250 \n \n40 \n \n150 \n \nContinued Unemployment Claims \n \n50 \n \nO \n \nN \n \nD \n \nJ \n \nF \n \nM \n \nA \n \nM \n \nJ \n \nJ \n \nA \n \nS \n \n34 \n \nNew Motor Vehicle Sales \n \n27 \n \nO \n \nN \n \nD \n \nJ \n \nF \n \nM \n \nA \n \nM \n \nJ \n \nJ \n \nA \n \nS \n \nTHOUSANDS \n \n2002: Q4 2003: Q1 \nQ2 Q3 Q4 2004: Q1 Q2 Jul Aug Sep \n \nJob Openings \n10,974 11,306 11,771 13,958 14,006 14,722 15,209 14,413 14,782 15,921 \n \nInitial Claims \n50,810 50,806 55,314 53,114 44,851 41,766 37,971 34,702 41,405 38,105 \n \n1 Rate at the end of each quarter, except for monthly rates. \n \nUnemployment \n \nContinued Claims \n299,306 \n \nRate 1 \n4.8% \n \n315,345 \n \n5.0% \n \n321,971 \n \n5.4% \n \n307,311 \n \n4.6% \n \n275,545 \n \n4.0% \n \n268,956 \n \n3.7% \n \n265,501 \n \n4.6% \n \n220,235 \n \n4.4% \n \n297,586 \n \n4.3% \n \n216,471 \n \n4.2% \n \nInsured 1 \n2.14% 1.98% 2.02% 1.88% 1.73% 1.58% 1.62% 1.48% 1.58% 1.54% \n \nNew Motor Vehicle Sales \n42,889 42,671 43,318 44,085 43,771 39,821 44,847 44,678 45,031 45,635 \n \nGeorgia Department of Labor \n \nEconomic Indicators / Third Quarter 2004 7 \n \n HOUSEHOLD UNITS \n \nMILLIONS \n \nGEORGIA \n \n11, 200 10, 100 \n \n2002-2003 2003-2004 \n \n9, 000 \n \n7, 900 \n \nCHARTERS \n \n8, 000 7, 000 6, 000 5, 000 \n \n2002-2003 2003-2004 \n \n6, 800 5, 700 $ 810 $ 672 $ 534 \n \nResidential Construction \n \n4, 000 3, 000 $1,683 $1,466 $1,250 \n \nNew Business Corporations \n \nMILLIONS \n \n$ 396 \n$ 258 \nNonresidential Construction \n$ 120 \n$ 675 \n \n$1,033 $817 $600 $ 940 \n \nTotal State Revenue \n \n$ 550 \n \n$ 823 \n \n$ 425 \n \n$ 706 \n \nMILLIONS \n \n$ 300 \n \n$ 589 \n \n$ 175 \n \n$ 472 \n \nDeflated Nonresidential Construction \n \nDeflated Total State Revenue \n \n$ 50 \n \n$ 355 \n \nO \n \nN \n \nD \n \nJ \n \nF \n \nM \n \nA \n \nM \n \nJ \n \nJ \n \nA \n \nS \n \nO \n \nN \n \nD \n \nJ \n \nF \n \nM \n \nA \n \nM \n \nJ \n \nJ \n \nA \n \nS \n \nMILLIONS \n \nConstruction Residential 2 Non-residential 1 Deflated non-res 1 \n \n2002: Q4 \n \n7,982 \n \n2003: Q1 \n \n7,343 \n \nQ2 \n \n6,938 \n \nQ3 \n \n8,754 \n \nQ4 \n \n8,593 \n \n2004: Q1 \n \n8,515 \n \nQ2 \n \n8,087 \n \nJul \n \n8,837 \n \nAug \n \n8,847 \n \nSep \n \n9,518 \n \n1 Data rounded \n \n2 Household units 3 Includes limited liability companies \n \n$481,984,000 415,385,000 410,004,000 476,499,000 362,503,000 471,027,000 502,442,000 602,816,000 442,298,000 *423,229,000 \n*Estimate used \n \n$388,592,300 330,019,900 319,649,700 370,048,400 279,349,900 355,402,700 371,171,100 439,690,700 319,810,600 306,022,400 \n \n8 Economic Indicators / Third Quarter 2004 \n \nNew Business Corporations 3 \n5,158 4,912 5,749 5,601 6,158 5,463 6,075 6,623 6,244 6,074 \n \nTotal State Revenue 1 Deflated Rev. 1 \n \n$1,076,190,000 1,044,060,000 1,053,930,000 1,080,440,000 1,121,440,000 1,092,800,000 1,151,320,000 1,031,230,000 1,360,580,000 1,323,990,000 \n \n$595,897,000 576,298,100 575,918,000 588,261,300 607,607,000 591,982,700 618,103,100 548,526,600 719,502,900 697,938,900 \n \nGeorgia Department of Labor \n \n Consumer Price Index for the South \n \nChart is not seasonally adjusted \n \nANN * CPI YEAR JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC AVG RATE \n \n1991 131.4 131.7 131.9 132.1 132.5 132.8 133.0 133.3 133.8 134.1 134.4 134.3 132.9 \n \n2.6% \n \n1992 134.4 134.9 135.5 135.9 136.2 136.7 136.8 137.0 137.3 137.8 138.1 137.9 136.5 \n \n2.7% \n \n1993 138.4 139.1 139.7 140.2 140.7 140.8 140.9 141.5 141.6 142.2 142.3 142.2 140.8 \n \n3.1% \n \n1994 142.5 142.9 143.6 143.8 144.3 144.7 145.0 145.5 145.8 145.9 146.0 146.1 144.7 \n \n2.7% \n \n1995 146.7 147.4 148.0 148.4 148.8 149.1 149.2 149.7 149.8 150.5 150.4 150.3 149.0 \n \n2.9% \n \n1996 151.1 151.5 152.4 153.2 153.5 154.0 154.0 154.1 154.5 154.9 155.1 155.1 153.6 \n \n3.2% \n \n1997 155.7 156.1 156.5 156.7 156.6 157.0 157.0 157.1 157.5 157.8 157.8 157.3 156.9 \n \n1.4% \n \n1998 157.6 157.8 158.2 158.5 158.8 159.1 159.3 159.5 159.5 159.8 159.6 159.6 158.9 \n \n1.5% \n \n1999 159.9 160.0 160.6 161.5 161.6 161.7 162.2 162.6 163.2 163.6 163.5 163.6 162.0 \n \n2.5% \n \n2000 164.0 164.7 166.4 166.6 166.6 167.4 167.9 168.0 168.5 168.5 168.6 168.4 167.2 \n \n2.9% \n \n2001 169.3 170.2 170.6 171.4 171.7 172.2 171.6 171.5 172.2 171.7 171.0 170.3 171.1 \n \n1.1% \n \n2002 170.6 171.0 172.1 173.1 173.2 173.5 173.6 173.8 174.2 174.9 174.9 174.6 173.3 \n \n2.5% \n \n2003 175.1 176.4 177.5 177.4 176.8 177.2 177.3 177.9 178.3 178.1 177.5 177.5 177.3 \n \n1.7% \n \n2004 178.2 179.1 180.1 180.9 182.0 182.9 182.6 182.6 182.8 \n \n* Annual rate computed from December to December \n \nSource: U.S. Bureau of Labor Statistics @ www.bls.gov \n \nHousing Keeps CPI for the South in Check \n \nThe Consumer Price Index for All Urban Consumers (CPI-U) for the South increased 0.1 percent in September, not seasonally adjusted, to a level of 182.8 (198284=100), as reported by the Bureau of Labor Statistics of the U.S. Department of Labor. Excluding food and energy, the CPI-U, South increased 0.2 percent in September. Over the past 12 months, prices in the South have risen 2.5 percent due to higher costs for housing and transportation. Energy costs advanced 8.5 percent during the 12 months ending in September. Excluding food and energy costs, the index for all other items has risen 1.6 percent since September 2003. \nHousing costs dropped 0.3 percent in September, reflecting a \n \ntrend of declining shelter costs during the fall months each year since 1998. Costs for shelter decreased 0.4 percent over the month after advancing 0.1 percent in August. Costs for fuels and utilities decreased 0.4 percent over the month after advancing 0.7 percent in August. Electricity costs fell 0.1 percent, while the cost of utility (piped) gas service decreased 2.9 percent. The index for household furnishings and operations rose 0.3 percent over the month. Since September 2003, housing costs have increased 2.3 percent as costs for shelter increased 2.3 percent, fuels and utilities costs advanced 3.9 percent, and the index for household furnishings and operations rose 0.6 percent. \nApparel costs advanced 4.3 percent in September after recording decreases for four consecutive months. Over the past year, apparel costs decreased 0.9 percent compared with a 3.0 percent \n \ndrop in apparel prices recorded during the same time period in 2003. \nTransportation costs were unchanged in September after falling 0.6 percent in August. The cost of new vehicles increased 0.2 percent over the month, while costs for used cars and trucks rose 1.9 percent. Motor fuel costs decreased 0.2 percent reflecting a 0.2 percent decrease in the cost of gasoline. Since September 2003, transportation costs have increased 3.0 percent, reflecting a 1.0 percent decline in costs for new and used motor vehicles and a 14.7 percent rise in the costs for motor fuel. \nMedical care costs rose 0.3 percent over the month after rising a modest 0.1 percent in August. Over the past year, the medical care index has gained 4.1 percent. \n \nGeorgia Department of Labor \n \nEconomic Indicators / Third Quarter 2004 9 \n \n Metro Atlanta Index of Economic Indicators \n200.0 \nLeading indicators Coincident indicators \n180.0 \n \n160.0 \n \n140.0 \n \n120.0 \n1995-96 = 100 \n \n100.0 \n \n97 \n \n98 \n \n99 \n \n00 \n \n01 \n \n02 \n \n03 \n \n04 \n \n05 \n \nLower Unemployment Helps Index Move Forward \n \nNote: All indicators are seasonally adjusted. \n \n*** \n \nMetro Atlanta's Economic Indicators expanded during the third quarter. The Leading Economic Indicator (LEI) posted a respectable +2.2 percent advance in Q3, falling short of the +2.7 percent gain achieved in the second quarter. \nThe LEI moved forward in July (180.0, +1.4%) before reversing in August (178.7, -0.7%) then advanced in September (181.5, +1.5%). Permits for new homes advanced in July (+47.0%) the only gain posted during the third quarter in residential construction. Initial jobless claims declined (-13.1%) during the month of July before increasing (+7.3%) in August. Continued unemployment claims, which are not included in the index, also declined in July (-35.0%). \n \nCommercial construction (deflated revenue) in-creased in July (+11.6%) before revenue declined in August (-46.8%) and rebounded in September (+44.2%). The manufacturing workweek increased to 37.8 hours during the quarter. \nThe Coincident Economic Indicator (CEI) pressed forward with three consecutive months of gains. The CEI advanced 2.7 percent during the reporting period, exceeding the second quarter's 1.3 percent gain. The decline in the area's unemployment rate was the indicator's largest contributor. Atlanta's jobless rate fell one-tenth of a percent for three straight months, ending the quarter at 4.3 percent, compared \n \nto the 4.9 percent rate posted in September 2003. Retail employment started the quarter flat before hiring picked up in August and September. The insured unemployment rate hovered in the 1.4% range during the quarter. \nEconomic stability continues to increase as the economy moves forward. As we enter into the holiday season concerns pertaining to high fuel costs and possible layoffs still remain in the shadows. Any major unexpected event could easily shake the confidence of consumers, which is a major concern for retailers, especially during the busiest shopping season of the year. \n \n10 Economic Indicators / Third Quarter 2004 \n \nGeorgia Department of Labor \n \n Metro Atlanta \n \nSep-2004 \n \nAug-2004 \n \nJul-2004 \n \nPercent Change Aug-2004 \nto Sep-2004 \n \nPercent Change Jul-2004 \nto Aug-2004 \n \nNonagricultural Employment \n \n2,184,398 \n \nWholesale Employment \n \n135,620 \n \nRetail Employment \n \n243,182 \n \nAccommodation and Food Services Employment \n \n185,164 \n \nManufacturing Employment \n \n167,222 \n \nGovernment Employment \n \n294,360 \n \nConstruction Employment \n \n118,550 \n \nTrans., Warehousing and Utilities Employment \n \n115,156 \n \nFinancial Activities Employment \n \n147,948 \n \nProfessional and Business Services Employment \n \n345,141 \n \nHospital Services Employment \n \n59,643 \n \nSocial Assistance Employment \n \n26,981 \n \nManufacturing Workweek \n \n37.8 \n \nManufacturing Earnings \n \n$622.42 \n \nDeflated Manufacturing Earnings \n \n$328.11 \n \nInitial Unemployment Claims \n \n10,683 \n \nContinued Unemployment Claims \n \n122,197 \n \nTotal Unemployment Rate ( not seasonally adjusted ) \n \n4.3 \n \nInsured Unemployment Rate \n \n1.40% \n \nMARTA Passengers \n \n5,419,000 \n \nCobb County Transit Passengers \n \n230,319 \n \nResidential Construction (household units) \n \n5,796 \n \nNonresidential Construction (value) \n \n$314,221,000 \n \nDeflated Nonresidential Construction \n \n$227,200,000 \n \nHotel Occupancy \n \n64.7% \n \nAverage Hotel Room Rates \n \n$95.46 \n \nDeflated Average Hotel Room Rate \n \n$50.32 \n \nAverage 30-Year Fixed Mortgage Rate \n \n5.83% \n \nAverage 15-Year Fixed Mortgage Rate \n \n5.30% \n \nAverage One-Year Adjustable Mortgage Rate \n \n3.77% \n \n2,180,478 135,206 242,170 185,889 168,355 294,593 117,960 114,856 147,359 343,601 59,389 27,359 37.1 $611.38 $323.31 11,607 148,607 4.4 1.39% \n5,273,000 213,171 6,040 \n$217,766,000 $157,500,000 \n63.9% $95.88 $50.70 5.93% 5.30% 3.99% \n \n2,170,254 135,164 241,941 183,791 168,241 288,535 117,447 115,394 147,068 340,651 58,863 26,756 36.8 $635.66 $338.12 10,809 107,731 4.5 1.42% \n4,953,000 224,089 7,255 \n$406,548,000 $296,500,000 \n65.6% $94.05 $50.03 6.11% 5.54% 4.07% \n \n0.18% 0.47% \n \n0.31% 0.03% \n \n0.42% 0.09% \n \n-0.39% 1.14% \n \n-0.67% 0.07% \n \n-0.08% 2.10% \n \n0.50% 0.44% \n \n0.26% -0.47% \n \n0.40% 0.20% \n \n0.45% 0.87% \n \n0.43% 0.89% \n \n-1.38% 2.26% \n \n1.82% 0.85% \n \n1.81% -3.82% \n \n1.48% -4.38% \n \n-7.96% 7.38% \n \n-17.77% 37.94% \n \n- \n \n- \n \n- \n \n- \n \n2.77% 6.46% \n \n8.04% -4.87% \n \n-4.04% -16.75% \n \n44.29% -46.44% \n \n44.25% -46.88% \n \n- \n \n- \n \n-0.44% 1.94% \n \n-0.75% 1.35% \n \n- \n \n- \n \n- \n \n- \n \n- \n \n- \n \nGeorgia Department of Labor \n \nEconomic Indicators / Third Quarter 2004 11 \n \n MILLIONS \n \nTHOUSANDS \n \nMetro Atlanta \n \n2. 24 2. 20 \n \n2002-2003 2003-2004 \n \n2. 17 \n \n2. 13 \n2. 10 \nNonagricultural Employment \n2. 06 \n150 \n \n145 \n \n140 \n \n135 \n \n130 \nWholesale Employment \n125 \n270 \n \n260 \n \n250 \n \n240 \n \n230 \n \n220 \n \nO \n \nN \n \nD \n \nRetail Employment \n \nJ \n \nF \n \nM \n \nA \n \nM \n \nJ \n \nJ \n \nA \n \nS \n \nTHOUSANDS \n \nTHOUSANDS \n \nTHOUSANDS \n \n300 2002-2003 2003-2004 \n250 \n200 \n150 \n100 \nAccommodation and Food Services \n50 220 \n200 \n180 \n160 \n140 \nManufacturing Employment \n120 310 \n \n300 \n \n290 \n \n280 \n \n270 \n \nGovernment Employment \n \n260 \n \nO \n \nN \n \nD \n \nJ \n \nF \n \nM \n \nA \n \nM \n \nJ \n \nJ \n \nA \n \nS \n \nPeriod \n2002 :Q4 2003 :Q1 \nQ2 Q3 Q4 2004 :Q1 Q2 Jul Aug Sep \n \nNonag \n2,171,614 2,160,724 2,150,461 2,162,940 2,160,913 2,176,898 2,171,361 2,170,254 2,180,478 2,184,398 \n \nWholesale \n140,712 137,432 136,427 136,355 136,152 136,495 135,419 135,164 135,206 135,620 \n \nEmployment \n \nRetail \n \nAccom. \u0026 Food Services \n \n245,580 240,992 241,539 242,916 237,683 240,187 241,858 241,941 242,170 243,182 \n \n170,700 174,820 175,425 177,603 181,055 184,638 184,249 183,791 185,889 185,164 \n \nManufacturing \n167,589 172,209 171,461 169,390 168,438 170,551 170,211 168,241 168,355 167,222 \n \nGovernment \n286,414 289,447 285,599 287,179 289,100 291,849 288,959 288,535 294,593 294,360 \n \nTHOUSANDS \n \n12 Economic Indicators / Third Quarter 2004 \n \nGeorgia Department of Labor \n \n THOUSANDS \n \nTHOUSANDS \n \nMetro Atlanta \n132 2002-2003 2003-2004 \n126 \n120 \n114 \n108 \nConstruction Employment \n102 \n140 \n130 \n120 \n110 \n100 \nTransportation, Warehousing \u0026 Utilities Employment \n90 \n155 \n \nTHOUSANDS \n \nTHOUSANDS \n \n400 2002-2003 2003-2004 \n380 \n360 \n340 \n320 \nProfessional and Business Services Employment \n300 \n80 \n70 \n60 \n50 \n40 \nHospital Services Employment \n30 \n40 \n \n151 \n \n35 \n \n147 \n \n30 \n \nTHOUSANDS \n \n143 \n \n25 \n \n139 \nFinancial Activities Employment \n \n20 \nSocial Assistance Employment \n \n135 \n \n15 \n \nO \n \nN \n \nD \n \nJ \n \nF \n \nM \n \nA \n \nM \n \nJ \n \nJ \n \nA \n \nS \n \nO \n \nN \n \nD \n \nJ \n \nF \n \nM \n \nA \n \nM \n \nJ \n \nJ \n \nA \n \nS \n \nPeriod \n2002 :Q4 2003 :Q1 \nQ2 Q3 Q4 2004 :Q1 Q2 Jul Aug Sep \n \nConstruction \n114,879 115,209 113,535 115,036 118,626 120,719 118,649 117,447 117,960 118,550 \n \nTrans, Ware \u0026 Utilities \n116,245 117,127 113,908 113,878 114,204 112,360 116,352 115,394 114,856 115,156 \n \nEmployment \n \nFinancial Activities \n \nProfessional \u0026 Business Services \n \n148,190 147,888 148,043 149,176 147,114 148,020 147,083 147,068 147,359 147,948 \n \n360,186 338,255 334,512 338,906 340,349 343,056 339,469 340,651 343,601 345,141 \n \nHospital Services \n56,032 56,879 56,542 57,389 57,867 57,678 58,468 58,863 59,389 59,643 \n \nSocial Assistance \n25,330 25,887 25,616 26,035 26,076 26,767 26,648 26,756 27,359 26,981 \n \nTHOUSANDS \n \nGeorgia Department of Labor \n \nEconomic Indicators / Third Quarter 2004 13 \n \n HOURS \n \nDOLLARS \n \nMetro Atlanta \n \n43. 0 41. 0 \n \n2002-2003 2003-2004 \n \n39. 0 \n \n37. 0 \n \n35. 0 \nManufacturing Workweek \n33. 0 \n$ 675 \n \n$ 635 \n \n$ 595 \n \n$ 555 \n \n$ 515 \nManufacturing Earnings \n$ 475 \n475 \n \nTHOUSANDS \n \nTHOUSANDS \n \n26. 9 21. 9 16. 9 11. 9 \n6. 9 1. 9 275 225 175 125 \n75 25 7. 0 \n \n2002-2003 2003-2004 \nInitial Unemployment Claims \nContinued Unemployment Claims \n \n420 \n \n365 \n \n310 \n \n255 \nDeflated Manufacturing Earnings \n \n200 \n \nO \n \nN \n \nD \n \nJ \n \nF \n \nM \n \nA \n \nM \n \nJ \n \nJ \n \nA \n \nS \n \nPERCENTAGES \n \n6. 0 \n \n5. 0 \n \n4. 0 \n \nUnemployment Rate \n \n3. 0 \n \nO \n \nN \n \nD \n \nJ \n \nF \n \nM \n \nA \n \nM \n \nJ \n \nJ \n \nA \n \nS \n \nDOLLARS \n \nPeriod \n2002 :Q4 2003 :Q1 \nQ2 Q3 Q4 2004 :Q1 Q2 Jul Aug Sep \n \nWork Week (hrs) \n39.5 40.8 40.3 38.9 39.2 38.3 38.0 36.8 37.1 37.8 \n \nManufacturing \nWeekly Earnings \n$604.99 568.10 568.80 543.54 560.37 605.62 638.31 635.66 611.38 622.42 \n \nDeflated Earnings \n$335.00 313.58 310.81 295.94 303.62 328.07 342.69 338.12 323.31 328.11 \n \n14 Economic Indicators / Third Quarter 2004 \n \nInitial Claims \n13,623 13,272 15,564 13,186 11,560 11,525 11,658 10,809 11,607 10,683 \n \nUnemployment \nContinued Claims \n163,621 158,677 178,406 161,618 146,319 126,715 140,060 107,731 148,607 122,197 \n \nRate \n4.9% 5.1% 5.6% 4.9% 4.1% 3.8% 4.6% 4.5% 4.4% 4.3% \n \nGeorgia Department of Labor \n \n PERCENTAGES \n \nMILLIONS \n \nMetro Atlanta \n2. 9 2002-2003 2003-2004 \n2. 5 \n2. 1 \n1. 7 \n1. 3 \nInsured Unemployment Rate \n0. 9 7. 0 \n6. 5 \n6. 0 \n5. 5 \n \nHOUSEHOLD UNITS ( THOUSANDS ) \n \n7. 5 2002-2003 2003-2004 \n6. 6 \n5. 8 \n4. 9 \n4. 1 \nResidential Construction \n3. 2 \n$ 750 \n$ 600 \n$ 450 \n$ 300 \n \nMILLIONS \n \n5. 0 \nMARTA Passengers \n4. 5 \n250 \n225 \n \n$ 150 \nNonresidential Construction \n$0 \n$510 \n$410 \n \n200 \n \n$310 \n \nMILLIONS \n \n175 \n \n$210 \n \n150 \nCobb Community Transit Passengers \n \n$110 \nDeflated Nonresidential Construction \n \n125 \n \n$10 \n \nO \n \nN \n \nD \n \nJ \n \nF \n \nM \n \nA \n \nM \n \nJ \n \nJ \n \nA \n \nS \n \nO \n \nN \n \nD \n \nJ \n \nF \n \nM \n \nA \n \nM \n \nJ \n \nJ \n \nA \n \nS \n \nTHOUSANDS \n \nPeriod \n \nInsured Unemployment \nRate 2 \n \nTransit Passengers \n \nMARTA 1 \n \nCobb Community \n \n2002 :Q4 \n \n1.84% \n \n5,456,900 \n \n193,958 \n \n2003 :Q1 \n \n1.81% \n \n5,476,300 \n \n191,127 \n \nQ2 \n \n1.93% \n \n5,570,400 \n \n190,276 \n \nQ3 \n \n1.75% \n \n5,506,000 \n \n202,328 \n \nQ4 \n \n1.54% \n \n5,577,700 \n \n217,738 \n \n2004 :Q1 \n \n1.47% \n \n5,538,100 \n \n216,195 \n \nQ2 \n \n1.53% \n \n5,618,800 \n \n212,866 \n \nJul \n \n1.42% \n \n4,953,100 \n \n224,089 \n \nAug \n \n1.39% \n \n5,273,300 \n \n213,171 \n \nSep \n \n1.40% \n \n5,419,100 \n \n1 Data rounded 2 Rate at the end of each quarter, except for monthly rates. \n \n3 Household units \n \n230,319 \n \nGeorgia Department of Labor \n \nResidential 3 \n5,442 4,831 4,623 6,149 5,992 5,843 5,370 7,255 6,040 5,796 \n \nConstruction \nNonresidential 1 \n$285,491,000 236,366,000 250,483,000 290,529,000 186,460,000 303,366,000 299,017,000 406,548,000 217,766,000 314,221,000 \n \nDeflated Non-res \n$225,100,000 182,766,667 193,066,667 222,000,000 139,800,000 224,133,333 215,100,000 287,900,000 153,500,000 221,100,000 \n \nEconomic Indicators / Third Quarter 2004 15 \n \n PERCENTAGES \n \nDOLLARS \n \nMetro Atlanta \n75 2002-2003 2003-2004 \n69 \n63 \n56 \n50 \nHotel Occupancy \n44 \n$ 110 \n$ 100 \n$ 90 \n$ 80 \n$ 70 \nAverage Hotel Room Rates \n$ 60 $ 60 \n \nPERCENTAGES \n \nPERCENTAGES \n \n7. 60 7. 00 6. 40 5. 80 5. 20 4. 60 \n7. 10 6. 48 5. 86 5. 24 4. 62 4. 00 7. 41 \n \n2002-2003 2003-2004 \nAverage 30-Year Fixed Mortgage Rates \nAverage 15-Year Fixed Mortgage Rates \n \n$ 54 \n \n6. 21 \n \nPERCENTAGES \n \n$ 48 \n \n5. 01 \n \n$ 42 \n \n3. 81 \n \n$ 36 \nDeflated Average Hotel Room Rates \n \n2. 61 \nAverage One-Year Adjustable Mortgage Rates \n \n$ 30 \n \n1. 41 \n \nO \n \nN \n \nD \n \nJ \n \nF \n \nM \n \nA \n \nM \n \nJ \n \nJ \n \nA \n \nS \n \nO \n \nN \n \nD \n \nJ \n \nF \n \nM \n \nA \n \nM \n \nJ \n \nJ \n \nA \n \nS \n \nDOLLARS \n \nHotel Data \n \nPeriod \n \nOccupancy% 3 \n \nRoom Rates 3 \n \nDeflated Room Rates \n \n2002 :Q4 \n \n58.2% \n \n$77.10 \n \n$42.69 \n \n2003 :Q1 \n \n56.8% \n \n74.18 \n \n40.95 \n \nQ2 \n \n55.3% \n \n72.16 \n \n39.43 \n \nQ3 \n \n63.4% \n \n92.57 \n \n50.40 \n \nQ4 \n \n61.8% \n \n93.24 \n \n50.52 \n \n2004 :Q1 \n \n65.1% \n \n93.48 \n \n50.64 \n \nQ2 \n \n61.9% \n \n94.90 \n \n50.95 \n \nJul \n \n65.6% \n \n94.05 \n \n50.03 \n \nAug \n \n63.9% \n \n95.88 \n \n50.70 \n \nSep \n \n64.7% \n \n95.46 \n \n50.32 \n \n1 Rate does not include points 2 Mortgage rates are not seasonally adjusted \n3 Hotel data compiled after July 2003 is not comparable to prior time periods. \n \n16 Economic Indicators / Third Quarter 2004 \n \n3 0 - Ye a r Fixed 1 \n6.00% 5.74% 5.22% 6.20% 5.91% 5.47% 6.35% 6.11% 5.93% 5.83% \n \nMortgage Rates \n \n1 5 - Ye a r Fixed 1,2 \n \nO n e - Ye a r Rate Adjustable1,2 \n \n5.40% 5.10% 4.61% 5.47% 5.24% 4.78% 4.77% 5.54% 5.30% 5.30% \n \n3.63% 3.43% 3.18% 3.66% 3.57% 3.07% 4.11% 4.07% 3.99% 3.77% \n \nGeorgia Department of Labor \n \n Dear Subscriber to Economic Indicators: Several new methods for releasing the Economic Indicators publication have been introduced \nwithin the last few years. One of the other methods may better meet your needs. \nInternet -- The Economic Indicators are found at www.dol.state.ga.us/wp/lmi_publications.htm. This will allow you immediate access to the information, no further action is necessary. \nE-Mail -- Notification and a hyperlink can be delivered to you by e-mail on the morning of the release. Please complete the form at the bottom and return with your e-mail address or notify us by e-mail at workforce_info@dol.state.ga.us. \nMailed Publication -- If you wish to receive the Economic Indicators publication by U.S. mail. \n If you are a new subscriber please select a method of delivery and return this form via mail, fax or e-mail. \n If you are an exisiting subsriber select an option and make any necessary changes below before returning this form. Please check one \n I wish to receive the notification of the hyperlink by e-mail. 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Box _________________________________________________ \nCity, State, Zip Code _______________________________________________ \nWork Phone: ___________________ Ext:___________ \nIf you have any questions, please contact Workforce Information \u0026 Analysis at (404) 232-3875, by fax at (404) 232-3888, or by e-mail at workforce_info@dol.state.ga.us. \nType \"Economic Indicators\" in the subject box of your e-mail. \n \n This page is intentionally blank \n \n "},{"id":"dlg_ggpd_i-ga-bl200-pe46-bp1-be31-b10-s4-belec-p-btext","title":"Georgia-Atlanta economic indicators. Quarterly report, Vol. 10, no. 4 (Fourth quarter 2004)","collection_id":"dlg_ggpd","collection_title":"Georgia Government Publications","dcterms_contributor":["Georgia. Workforce Information and Analysis."],"dcterms_spatial":["United States, Georgia, 32.75042, -83.50018"],"dcterms_creator":["Georgia. Workforce Information and Analysis"],"dc_date":["2004"],"dcterms_description":["Quarterly","Latest issue consulted: Vol. 9, issue 2 (2nd quarter 2003)","Merger of: Georgia economic indicators. Monthly report, and: Metro Atlanta economic indicators. Monthly report"],"dc_format":["application/pdf"],"dcterms_identifier":null,"dcterms_language":["eng"],"dcterms_publisher":["Atlanta, Ga. : Georgia Dept. of Labor, Workforce Information and Analysis, 2004"],"dc_relation":null,"dc_right":["http://rightsstatements.org/vocab/InC/1.0/"],"dcterms_is_part_of":null,"dcterms_subject":["Georgia--Economic conditions--Statistics--Periodicals","Economic indicators--Georgia--Periodicals"],"dcterms_title":["Georgia-Atlanta economic indicators. Quarterly report, Vol. 10, no. 4 (Fourth quarter 2004)","Georgia economic indicators. Quarterly report","Quarterly report","Georgia economic indicators. Monthly report","Metro Atlanta economic indicators. Monthly report"],"dcterms_type":["Text"],"dcterms_provenance":["University of Georgia. Map and Government Information Library"],"edm_is_shown_by":["https://dlg.galileo.usg.edu/do:dlg_ggpd_i-ga-bl200-pe46-bp1-be31-b10-s4-belec-p-btext"],"edm_is_shown_at":["https://dlg.galileo.usg.edu/id:dlg_ggpd_i-ga-bl200-pe46-bp1-be31-b10-s4-belec-p-btext"],"dcterms_temporal":null,"dcterms_rights_holder":null,"dcterms_bibliographic_citation":null,"dlg_local_right":null,"dcterms_medium":["reports","state government records"],"dcterms_extent":null,"dlg_subject_personal":null,"iiif_manifest_url_ss":null,"dcterms_subject_fast":null,"fulltext":"Economic Indicators \n \nA Quarterly Report of Georgia and Metro Atlanta Labor Market and Economic Trends \n \nFourth Quarter 2004 \n \nVolume 10, Issue 4 \n \nGeorgia Department of Labor \nMichael L. Thurmond Commissioner \n \n Georgia-Atlanta Economic Indicators \nQuarterly Report Fourth Quarter - 2004 \nVolume 10, Issue 4 \n \nCover art: Birthplace of Dr. Martin Luther King Jr., Atlanta, Georgia by Huey J. Theus \nGeorgia Economic Indicators, Quarterly Report, is published by Workforce Information and Analysis, a division of the Georgia Department of Labor, 148 Andrew Young International Boulevard, N.E., Atlanta, Georgia 30303-1751. The telephone number is (404) 232-3875. \nVisit the Georgia Department of Labor web site at www.dol.state.ga.us \n \nGeorgia Department of Labor \nMichael L. Thurmond, Commissioner \n \nEqual Opportunity Employer/Programs - Auxiliary Aids and Services Available Upon Request to Individuals With Disabilities \n \nGeorgia Department of Labor \n \nEconomic Indicators / Fourth Quarter 2004 \n \n Contents \nHistory ............................................................................................................................................................ 1 Introduction ................................................................................................................................................. 2 U.S. Consumer Price Index ......................................................................................................................... 3 Georgia Index of Economic Indicators ...................................................................................................... 4 Georgia Data Summary ................................................................................................................................ 5 \nEmployment, Manufacturing Wages and Hours .................................................................................... 6 Nonagricultural, Retail, Manufacturing,Workweek, Earnings and Deflated Earnings \nJob Openings, Unemployment Data and Vehicle Sales ........................................................................ 7 Nonagricultural Job Openings Unfilled, Initial/ Continued Unemployment Claims, Unemployment Rate, Insured Unemployment Rate and New Motor Vehicle Sales \nConstruction, New Business and State Revenue ................................................................................... 8 Residential/ Nonresidential Construction, Deflated Nonresidential Construction, New Business Corporations, Total/ Deflated State Revenue \nConsumer Price Index for Atlanta .............................................................................................................. 9 Metro Atlanta Index of Economic Indicators ........................................................................................... 10 Atlanta Data Summary ................................................................................................................................ 11 \nEmployment Data ......................................................................................................................................... 12 Nonagricultural, Wholesale, (Retail Accommodation and Food Services), Manufacturing and Government \nEmployment Data - Continued ..................................................................................................................... 13 Construction, (Transportation, Warehousing \u0026 Utilities), Financial Activities, Professional and Business Services, Hospital Services and Social Assistance \nManufacturing Workweek, Earnings and Unemployment Data .......................................................... 14 Manufacturing -(Workweek, Earnings and Deflated Earnings), Initial/ Continued Unemployment Claims and Unemployment Rates \nUnemployment Data, Transit and Construction Data ............................................................................ 15 Insured Unemployment Rate, MARTA Passengers, Cobb Community Transit Passengers, Residential/ Nonresidential Construction and Deflated Nonresidential Construction \nHotel and Mortgage Rates ......................................................................................................................... 16 Hotel Occupancy, Average Hotel Room Rates, Deflated Average Hotel Room Rates, Average 30-Year/ 15-Year Fixed Mortgage Rates and Average One-Year Adjustable Mortgage Rates \n \n History \nMartin Luther King, Jr.(1929-1968), was born in a two-story Queen Anne style house at 501 Auburn Avenue, in a neighborhood known as Sweet Auburn. The house has a one-story partial front and side porch with scroll cut woodwork trim, two porthole windows, a shingled gabled end, and a side bay. The porch sits on an enclosed brick foundation. Dr.King was born in an upstairs middle room on January 15,1929 and lived there until 1941. The Ebenezer Baptist Church, where for eight years he shared the pulpit with his father, is a short walk away at the corner of Auburn Avenue and Jackson Street. It is a three-story red brick building detailed in stone and has several groupings of stained glass windows. Construction of the church began in 1914 and was completed in 1922. Across from the church at 449 Auburn is the Martin Luther King, Jr., Center for Nonviolent Social Change, Inc., which continues King's legacy and work. King's gravesite occupies most of the cleared lot east of the Ebenezer Baptist Church to Boulevard Street. In 1976 a memorial park was installed around the marble crypt. The park consists primarily of a brick and concrete plaza with arch-covered walkway and chapel partially surrounding a reflecting pool. In the center of the pool, on a raised pedestal rests the King crypt. \n \n Introduction \n \nG eorgia Economic Indicators, Quarterly Report, is designed to provide data on a number of indicators used \nto measure movement of the state's economy in a single publication. \nOur publication has changed. \nThe Georgia and Metropolitan Altanta Economic Indicator series, previously published as two separate monthly publications, are now published as a single quarterly publication. Graphs will continue to display data in monthly increments; whereas companion data tables will display the 3-month average for each series (for 7 quarters) before alternating to a monthly format for the most recent quarter. \nAll data except those contained in the U.S. and Atlanta Consumer Price Index chart on Pages 3 and 9 are seasonally adjusted using the X11 ARIMA method. They are presented in graphic and tabular form along with an analysis. Each series shows movement over a 24-month period. Where appropriate, companion graphs and tables show data that have been deflated by the U.S. Consumer Price Index or the U.S. Construction Price Index. The purpose is to adjust for inflation and show growth in constant dollars. \nHistorical tables and graphs are included in a supplementary Georgia Economic Indicators, Historical Series, published annually. \nWorkforce Information and Analysis welcomes comments, suggestions or questions concerning the GeorgiaAtlanta Economic Indicators, Quarterly Report and Historical Series. Please address correspondence to Bill Webb, Workforce Information and Analysis, Georgia Department of Labor, 148 Andrew Young International Boulevard, N.E., Atlanta, Georgia 30303-1751. The telephone number is (404) 232-3875. \nNote: Seasonal factors updated March 2004 \nData Sources \nGeorgia Indexes of Leading and Coincident Economic Indicators*, Initial Unemployment Claims, Continuing Unemployment Claims, Insured Unemployment Rate, Nonagricultural Job Openings Unfilled, Weekly Manufacturing Earnings, Manufacturing Workweek and Employment data. -- Georgia Department of Labor \nConsumer Price Index -- U.S. Bureau of Labor Statistics, adapted from commentary by Michael Wald New Motor Vehicles, State Sales and Use Tax Collections and Total Revenue Collections -- Georgia Department of Revenue New Business Corporations -- Georgia Secretary of State Residential Construction and Construction Price Index -- U.S. Department of Commerce Nonresidential Construction -- F.W. Dodge, McGraw-Hill Construction Information Group MARTA Passengers -- Metropolitan Atlanta Rapid Transit System CCT Passengers -- Cobb Community Transit System Hotel Occupancy and Room Rates -- PKF Consulting, Atlanta, GA (as of July 2003) Mortgage Rates -- HSH Associates, Financial Publishers, Butler, NJ \n* Model for Georgia Indexes of Leading and Coincident Economic Indicators developed by Georgia State University's Economic Forecasting Center \n \n2 Economic Indicators / Fourth Quarter 2004 \n \nGeorgia Department of Labor \n \n Consumer Price Index \n \nChart is not seasonally adjusted \n \nYEAR \n \nJAN \n \nFEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC \n \nANN AVG \n \n* CPI RATE \n \n1991 \n \n134.6 \n \n134.8 \n \n135.0 \n \n135.2 135.6 136.0 136.2 136.6 137.2 \n \n137.4 \n \n137.8 \n \n137.9 \n \n136.2 \n \n3.1% \n \n1992 \n \n138.1 \n \n138.6 \n \n139.3 \n \n139.5 139.7 140.2 140.5 140.9 141.3 \n \n141.9 \n \n142.0 \n \n141.9 \n \n140.3 \n \n2.9% \n \n1993 \n \n142.6 \n \n143.1 \n \n143.6 \n \n144.0 144.2 144.4 144.4 144.8 145.1 \n \n145.7 \n \n145.8 \n \n145.8 \n \n144.5 \n \n2.7% \n \n1994 \n \n146.2 \n \n146.7 \n \n147.2 \n \n147.4 147.5 148.0 148.4 149.0 149.4 \n \n149.5 \n \n149.7 \n \n149.7 \n \n148.2 \n \n2.7% \n \n1995 \n \n150.3 \n \n150.9 \n \n151.4 \n \n151.9 152.2 152.5 152.5 152.9 153.2 \n \n153.7 \n \n153.6 \n \n153.5 \n \n152.4 \n \n2.5% \n \n1996 \n \n154.4 \n \n154.9 \n \n155.7 \n \n156.3 156.6 156.7 157.0 157.3 157.8 \n \n158.3 \n \n158.6 \n \n158.6 \n \n156.9 \n \n3.3% \n \n1997 \n \n159.1 \n \n159.6 \n \n160.0 \n \n160.2 160.1 160.3 160.5 160.8 161.2 \n \n161.6 \n \n161.5 \n \n161.3 \n \n160.5 \n \n1.7% \n \n1998 \n \n161.6 \n \n161.9 \n \n162.2 \n \n162.5 162.8 163.0 163.2 163.4 163.6 \n \n164.0 \n \n164.0 \n \n163.9 \n \n163.0 \n \n1.6% \n \n1999 \n \n164.3 \n \n164.5 \n \n165.0 \n \n166.2 166.2 166.2 166.7 167.1 167.9 \n \n168.2 \n \n168.3 \n \n168.3 \n \n166.6 \n \n2.7% \n \n2000 \n \n168.7 \n \n169.7 \n \n171.1 \n \n171.2 171.3 172.3 172.6 172.8 173.7 \n \n174.0 \n \n174.1 \n \n174.0 \n \n172.1 \n \n3.4% \n \n2001 \n \n175.1 \n \n175.8 \n \n176.2 \n \n176.9 177.7 178.0 177.5 177.5 178.3 \n \n177.7 \n \n177.4 \n \n176.7 \n \n177.1 \n \n1.6% \n \n2002 \n \n177.1 \n \n177.8 \n \n178.8 \n \n179.8 179.8 179.9 180.1 180.7 181.0 \n \n181.3 \n \n181.3 \n \n180.9 \n \n179.9 \n \n2.4% \n \n2003 \n \n181.7 \n \n183.1 \n \n184.2 \n \n183.8 183.5 183.7 183.9 184.6 185.2 \n \n185.0 \n \n184.5 \n \n184.3 \n \n184.0 \n \n1.9% \n \n2004 \n \n185.2 \n \n186.2 \n \n187.4 \n \n188.0 189.1 189.7 189.4 189.5 189.9 \n \n190.9 \n \n191.0 \n \n190.3 \n \n188.9 \n \n3.3% \n \n* Rate computed from December to December \n \nSource: U.S. Bureau Of Labor Statistics @www.bls.gov \n \nInflation Heats Up in 2004 \n \nThe Consumer Price Index for All Urban Consumers (CPI-U) decreased 0.4 percent in December, before seasonal adjustment, as reported by the Bureau of Labor Statistics of the U.S. Department of Labor. The December level of 190.3 (1982-84=100) was 3.3 percent higher than in December 2003. \nOn a seasonally adjusted basis, the CPI-U decreased 0.1 percent in December, following an increase of 0.2 percent in November. Energy costs fell 1.8 percent in December, following a 0.2 percent increase in November. A 3.7 percent decline in the index for petroleum-based energy more than offset a 0.4 percent increase in the index for energy services. The index for all items less food and energy increased 0.2 percent in December, the same as in each of the preceding two months. \nConsumer prices rose at a seasonally adjusted annual rate (SAAR) of 3.0 percent in the fourth quarter of 2004. This followed increases in the first three quarters at annual rates of 5.1, 4.8, and 0.6 percent, respectively. For the 12 month period ended in December, the CPI rose 3.3 percent. This compares with an increase of 1.9 percent in all of \n \n2003. In 2004, the index for energy rose 16.6 percent, its largest annual increase since an 18.1 percent rise in 1990, and accounted for about 36 percent of the overall advance in the CPI-U. \nExcluding food and energy, the CPIU advanced at a 2.0 percent SAAR in the fourth quarter, following increases at rates of 2.9, 2.3, and 1.8 percent in the first three quarters of 2004. \nThe index for housing increased 0.2 percent in December. Shelter costs, which were virtually unchanged in November, increased 0.2 percent in December. Within shelter, the indexes for rent and for owners' equivalent rent each rose 0.2 percent. Charges for natural gas and for electricity increased 1.0 and 0.1 percent, respectively, while the index for fuel oil declined 4.8 percent. During the 12 month period ending in December, charges for natural gas and for electricity rose 16.4 and 2.1 percent , respectively, and fuel oil prices increased 39.5 percent. \nThe transportation index declined 0.9 percent in December, reflecting a 3.7 percent decrease in the index for gasoline. Gasoline prices fell 7.1 percent in the six-month period following the \n \npeak level reached in June 2004, but remained 26.1 percent higher than their level in December 2003. The index for public transportation declined 1.3 percent in December, reflecting a 2.9 percent drop in airline fares. These fares fell 1.5 percent in all of 2004, their fourth consecutive annual decline. \nThe index for apparel declined 0.4 percent in December. During the 12 month period ended in December, apparel prices declined 0.2 percent, their seventh consecutive annual decline. \nMedical care costs rose 0.3 percent in December. The index for medical care commodities decreased 0.3 percent, reflecting a drop in nonprescription drugs. The indexes for professional services and for hospital and related services increased 0.3 and 0.8 percent, respectively. In the 12 months ending in December 2004, the index for medical care rose 4.2 percent after increasing 3.7 percent in 2003. \n \nGeorgia Department of Labor \n \nEconomic Indicators / Fourth Quarter 2004 3 \n \n Georgia Index of Economic Indicators \n208 \nLeading indicators Coincident indicators \n181 \n \n154 \n \n128 \n \n101 \n1990 = 100 \n \n74 1997 \n \n1998 \n \n1999 \n \n2000 \n \n2001 \n \n2002 \n \n2003 \n \n2004 \n \n2005 \n \nDifferent Speed Same Destination \n \nNote: All indicators are seasonally adjusted. \n*** The Georgia Department of Labor's indicators moved in a positive direction but at different speeds during the last quarter of 2004. The Leading Economic Indicator advanced in the fourth quarter outpacing the Coincident Economic Indicator. The Leading Economic Indicator increased by 3.0 percent to 192.1 from the 186.5 posted at the end of the third quarter. The indicator increased at an increasing rate as 2004 completed its final lap, posting a gain in October (0.6% to 187.81), November (0.9% to 189.6) and December (1.3% to 192.1). Each component played a key part in moving the indicator forward at one time or another during the quarter. However, the most notable \n \nadvance materialized in nonresidential construction, thanks to the mild December weather. Commercial construction shifted into overdrive by the end of the quarter, increasing 81.8 percent, reversing last year's fourth quarter decline (see graph on page 8). Over the year, the Leading Economic Indicator advanced 6.5 percent, surpassing the 4.8 percent posted at the end of 2003. \nThe Coincident Economic Indicator moved ahead at a slower pace during the fourth quarter. The index increased 0.7 percent to 178.3 by the end of December from the 176.9 posted in September. \nAs the year drew to an end the momentum of the coincident index declined, which moved the \n \nindicator into negative territory. In October the index moved higher up 1.2% to 179.1, remained at 179.1 in November and declined -0.4% to 178.3 in December. \nGains in state revenues moved the indicator forward at times as the insured unemployment rate remained level. Nonagricultural and retail employment slipped into low gear during the last two months of the quarter, which pulled the index down. Nevertheless, the index ended the year up 4.6 percent, more then twice the 1.9 percent posted the previous year. \nBoth indicators moved in different directions during the 4th quarter, but managed to post respectable gains over the year. \n \n4 Economic Indicators / Fourth Quarter 2004 \n \n. \n \nGeorgia Department of Labor \n \n Georgia \nNonagricultural Employment change from previous month \nRetail Employment change from previous month \nManufacturing Employment change from previous month \nManufacturing Workweek (hours) change from previous month \nWeekly Manufacturing Earnings change from previous month \nNonagricultural Job Openings Unfilled change from previous month \nInitial Unemployment Claims change from previous month \nContinued Unemployment Claims change from previous month \nUnemployment rate (not seasonally adjusted) change from previous month \nInsured Unemployment Rate change from previous month \nNew Motor Vehicle Sales change from previous month \nResidential Construction ( building permits ) change from previous month \nNonresidential Construction ( dollar value ) change from previous month \nNew Business Corporations change from previous month \nTotal State Revenues ( in millions ) change from previous month \nDeflated State Revenues ( in millions ) change from previous month \nGeorgia Department of Labor \n \nDec 2004 \n3,903,889 -0.08% \n \nNov 2004 \n3,907,008 -0.05% \n \nOct 2004 \n3,908,988 0.26% \n \n437,071 -1.01% \n \n441,523 -0.28% \n \n442,754 0.55% \n \n440,065 -0.84% \n \n443,781 -0.35% \n \n445,351 -0.02% \n \n39.9 0.50% \n \n39.7 -0.34% \n \n39.9 3.90% \n \n$651.74 0.33% \n \n$649.57 3.60% \n \n$627.03 2.04% \n \n18,190 1.27% \n \n17,962 5.52% \n \n17,022 6.92% \n \n38,059 -13.63% \n \n44,064 25.40% \n \n35,139 -7.78% \n \n191,842 -29.83% \n \n273,382 22.93% \n \n222,391 2.73% \n \n4.1% \n \n4.1% \n \n4.2% \n \n- - \n \n- - \n \n- - \n \n1.40% - - \n \n1.39% - - \n \n1.50% - - \n \n47,948 -8.60% \n \n52,457 28.06% \n \n40,963 -10.24% \n \n9,610 -15.41% \n \n11,362 31.75% \n \n8,623 -9.40% \n \n$669,072,795 81.83% \n \n$367,969,217 -20.86% \n \n$464,939,054 13.19% \n \n6,901 15.49% \n \n5,976 21.15% \n \n4,932 -18.80% \n \n$1,414,890,594 18.74% \n \n$1,191,560,149 2.61% \n \n$1,161,246,359 -12.29% \n \n$743,505,000 19.18% \n \n$623,853,400 2.56% \n \n$608,302,800 -12.75% \n \nEconomic Indicators / Fourth Quarter 2004 5 \n \n MILLIONS \n \nTHOUSANDS \n \nGEORGIA \n3. 95 2003 2004 \n3. 91 \n \n44. 2 42. 7 \n \n2003 2004 \n \n3. 87 \n \n41. 3 \n \nHOURS \n \n3. 83 \n \n39. 8 \n \n3. 79 \nNonagricultural Employment \n3. 75 500 \n480 \n460 \n440 \n \nDOLLARS \n \n38. 4 36. 9 $ 675 $ 645 $ 615 $ 585 \n \nManufacturing Workweek \n \n420 \nRetail Employment \n400 \n510 \n \n$ 555 \nAverage Weekly Manufacturing Earnings \n$ 525 \n$ 355 \n \n490 \n \n$ 340 \n \n470 \n \n$ 325 \n \nDOLLARS \n \n450 \n \n$ 310 \n \n430 \n \n$ 295 \n \nManufacturing Employment \n \nDeflated Average Weekly Manufacturing Earnings \n \n410 J \n \nF \n \nM \n \nA \n \nM \n \nJ \n \nJ \n \nA \n \nS \n \nO \n \nN \n \nD \n \n$ 280 \n \nJ \n \nF \n \nM \n \nA \n \nM \n \nJ \n \nJ \n \nA \n \nS \n \nO \n \nN \n \nD \n \nEmployment \n \n2003: Q1 Q2 Q3 Q4 \n2004: Q1 Q2 Q3 Oct \nNov Dec \n \nNonag \n3,866,128 3,846,268 3,861,261 3,867,909 3,886,512 3,887,497 3,895,348 3,908,988 3,907,008 3,903,889 \n \nRetail \n445,182 444,670 445,490 438,924 438,980 439,950 439,894 442,754 441,523 437,071 \n \nMfg. \n461,090 453,198 445,885 446,520 451,947 449,425 447,028 445,351 443,781 440,065 \n \nAll graphs contain monthly data and are seasonally adjusted, except where noted. \n \nManufacturing \n \nAvg. Work Week \n \nWeekly Earnings \n \n40.6 \n \n$565.18 \n \n40.4 \n \n571.81 \n \n39.2 \n \n548.95 \n \n38.9 \n \n554.68 \n \n39.3 \n \n572.31 \n \n39.2 \n \n607.67 \n \n38.7 \n \n610.89 \n \n39.9 \n \n627.03 \n \n39.7 \n \n649.57 \n \n39.9 \n \n651.74 \n \nDeflated Wkly Earnings \n$308.83 311.33 297.45 300.48 307.24 321.64 322.20 328.46 340.09 342.48 \n \nTHOUSANDS \n \n6 Economic Indicators / Fourth Quarter 2004 \n \nGeorgia Department of Labor \n \n THOUSANDS \n \nTHOUSANDS \n \nGEORGIA \n25. 0 2003 2004 \n21. 0 \n17. 0 \n13. 0 \n \n6. 0 2003 2004 \n5. 4 \n4. 8 \n4. 3 \n \nPERCENTAGES \n \n9. 0 \n \n3. 7 \n \nNonagricultural Job Openings Unfilled \n \n5. 0 \n \n3. 1 \n \n99. 6 \n \n3. 26 \n \n80. 9 \n \n2. 76 \n \n62. 1 \n \n2. 26 \n \nPERCENTAGES \n \n43. 4 \n \n1. 76 \n \n24. 6 \n \n1. 26 \n \nInitial Unemployment Claims \n \n5.9 \n \n0. 76 \n \n550 \n \n60 \n \nUnemployment Rate Insured Unemployment Rate \n \n450 \n \n53 \n \nTHOUSANDS \n \n350 \n \n47 \n \n250 \n \n40 \n \n150 \n \nContinued Unemployment Claims \n \n50 \n \nJ \n \nF \n \nM \n \nA \n \nM \n \nJ \n \nJ \n \nA \n \nS \n \nO \n \nN \n \nD \n \n34 \n \nNew Motor Vehicle Sales \n \n27 J \n \nF \n \nM \n \nA \n \nM \n \nJ \n \nJ \n \nA \n \nS \n \nO \n \nN \n \nD \n \n2003: Q1 Q2 Q3 Q4 \n2004: Q1 Q2 Q3 Oct \nNov Dec \n \nJob Openings \n11,306 11,771 13,958 14,006 14,722 15,209 15,039 17,022 17,962 18,190 \n \nInitial Claims \n50,806 55,314 53,114 44,851 41,766 37,971 38,071 35,139 44,064 38,059 \n \n1 Rate at the end of each quarter, except for monthly rates. \n \nUnemployment \n \nContinued Claims \n315,345 \n \nRate 1 \n5.0% \n \n321,971 \n \n5.4% \n \n307,311 \n \n4.6% \n \n275,545 \n \n4.0% \n \n268,956 \n \n3.7% \n \n265,501 \n \n4.6% \n \n244,764 \n \n4.3% \n \n222,391 \n \n4.2% \n \n273,382 \n \n4.1% \n \n191,842 \n \n4.1% \n \nInsured 1 \n1.98% 2.02% 1.88% 1.73% 1.58% 1.62% 1.54% 1.50% 1.39% 1.40% \n \nNew Motor Vehicle Sales \n42,671 43,318 44,085 43,771 39,821 44,847 45,115 40,963 *41,743 47,948 \n \n* Estimate used \n \nTHOUSANDS \n \nGeorgia Department of Labor \n \nEconomic Indicators / Fourth Quarter 2004 7 \n \n HOUSEHOLD UNITS \n \nMILLIONS \n \nGEORGIA \n \n12,200 10,900 \n \n2003 2004 \n \n9,600 \n \n8,300 \n \n7,000 \nResidential Construction \n5,700 \n \n$ 810 \n \n$ 672 \n \n$ 534 \n \n$ 396 \n \n$ 258 \nNonresidential Construction \n$ 120 \n$ 675 \n \nMILLIONS \n \nCHARTERS \n \n8, 000 7, 000 6, 000 5, 000 4, 000 3, 000 $ 1,683 $ 1,466 $ 1,250 $ 1,033 $ 817 $ 600 $ 940 \n \n2003 2004 \nNew Business Corporations \nTotal State Revenue \n \n$ 550 \n \n$ 823 \n \n$ 425 \n \n$ 706 \n \nMILLIONS \n \n$ 300 \n \n$ 589 \n \n$ 175 \n \n$ 472 \n \nDeflated Nonresidential Construction \n \nDeflated Total State Revenue \n \n$ 50 \n \n$ 355 \n \nJ \n \nF \n \nM \n \nA \n \nM \n \nJ \n \nJ \n \nA \n \nS \n \nO \n \nN \n \nD \n \nJ \n \nF \n \nM \n \nA \n \nM \n \nJ \n \nJ \n \nA \n \nS \n \nO \n \nN \n \nD \n \nMILLIONS \n \nConstruction Residential 2 Non-residential 1 Deflated non-res 1 \n \n2003: Q1 \n \n7,343 \n \nQ2 \n \n6,938 \n \nQ3 \n \n8,754 \n \nQ4 \n \n8,593 \n \n2004: Q1 \n \n8,515 \n \nQ2 \n \n8,087 \n \nQ3 \n \n9,067 \n \nOct \n \n8,623 \n \nNov \n \n11,362 \n \nDec \n \n9,610 \n \n1 Data rounded \n \n2 Household units 3 Includes limited liability companies \n \n$415,385,000 410,004,000 476,499,000 362,503,000 471,027,000 502,442,000 485,288,000 464,939,000 367,969,000 669,073,000 \n \n$321,339,600 316,117,200 364,295,900 271,877,300 347,963,800 361,989,900 342,073,300 324,905,000 256,245,800 464,311,600 \n \n8 Economic Indicators / Fourth Quarter 2004 \n \nNew Business Corporations 3 \n4,912 5,749 5,601 6,158 5,463 6,075 6,314 4,932 5,976 6,901 \n \nTotal State Revenue 1 Deflated Rev. 1 \n \n$1,044,060,000 1,053,930,000 1,080,440,000 1,121,440,000 1,092,800,000 1,151,320,000 1,238,600,000 1,161,250,000 1,191,560,000 1,414,890,000 \n \n$570,524,600 573,827,600 585,392,800 607,497,300 586,685,800 609,379,000 653,270,000 608,302,800 623,853,400 743,505,000 \n \nGeorgia Department of Labor \n \n Consumer Price Index for Atlanta \n \nYEAR \n \nJAN \n \nFEB MAR APR MAY \n \nJUN \n \nJUL AUG \n \n1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 \n \n107.0 111.7 \n159.5 161.9 167.4 175.3 176.1 180.7 180.7 \n \n107.6 111.1 \n160.8 164.0 169.8 176.6 178.6 182.1 182.3 \n \n108.8 112.2 115.5 119.1 124.9 130.8 135.5 138.6 142.2 146.7 150.3 154.7 158.3 162.0 164.8 170.9 177.8 179.1 181.5 185.7 \n \n109.9 112.4 \n161.9 165.9 172.1 176.9 179.7 181.7 184.1 \n \n* Rate computed from December to December \n \nChart is not seasonally adjusted \n \nSEP OCT NOV DEC Rate * \n \n110.4 112.7 \n162.0 166.5 171.9 176.7 179.4 180.1 183.9 \n \n111.2 113.5 117.5 121.7 127.3 132.6 136.2 138.5 144.7 146.7 151.5 157.2 159.5 161.6 167.0 171.9 174.8 177.3 179.0 183.2 \n \n5.4% 2.1% 3.8% 3.3% 4.7% 4.4% 3.2% 1.9% 3.5% 2.3% 2.9% 3.4% 1.9% 1.4% 3.3% 2.9% 1.7% 1.4% 1.0% 2.3% \n \nSource: U.S. Bureau of Labor Statistics @ www.bls.gov \n \nCost of Living in Metro Atlanta Edges Higher \n \nThe Consumer Price Index for All Urban Consumers (CPI-U) for Atlanta decreased 0.4 percent over the two months ending in December to a level of 183.2 (1982-84=100), not seasonally adjusted. For the 12 months ending in December 2004, the CPI-U for Atlanta increased 2.3 percent compared to a 1.0 percent increase for the 12 months ending last December. \nOver the two months, lower costs for housing and apparel were partially offset by higher costs for medical care and food and beverages. Energy costs rose 0.7 percent over the most recent two months after dropping 5.3 percent in October. Excluding food and energy, the CPI-U for \n \nAtlanta decreased 0.8 percent in December. \nHousing costs in the Atlanta area dropped 1.1 percent, after declining 2.1 percent in the previous two-month pricing period. Costs for fuels and utilities rose 6.0 percent in December after falling 11.4 percent in the September-October pricing period. Utility (piped) gas service costs advanced 18.3 percent in December after declining in the two previous pricing periods. Over the past year, the housing index has declined 0.7 percent, as a 2.8 percent decline in shelter costs were partially offset by an 11.4 rise in the costs of fuels and utilities. \nApparel costs dropped 7.8 percent in December after rising 6.6 percent in the previous pricing period. Over the past year, the apparel index has \n \ndecreased 0.4 percent compared with a 7.7 percent decline in December 2003. \nThe transportation index declined 0.4 percent in December after advancing 3.3 percent in the previous pricing period. Costs for motor fuel declined 6.2 percent over the period. Since December 2003, the transportation index has risen 10.6 percent, partially due to a 32.2 percent increase in the cost of motor fuel. \nMedical care costs increased 4.8 percent over the two months ending in December 2004. This was the largest bimonthly increase recorded in this index since October 2002. Over the year, the index for medical care has risen 7.2 percent. \n \nGeorgia Department of Labor \n \nEconomic Indicators / Fourth Quarter 2004 9 \n \n Metro Atlanta Index of Economic Indicators \n200.0 \nLeading indicators Coincident indicators \n180.0 \n \n160.0 \n \n140.0 \n \n120.0 \n1995-96 = 100 \n \n100.0 \n \n97 \n \n98 \n \n99 \n \n00 \n \n01 \n \n02 \n \n03 \n \n04 \n \n05 \n \nIndex Moves From Recovery to Expansion \n \nNote: All indicators are seasonally adjusted. \n \n*** \n \nAfter an extended economic hiatus, metro Atlanta's Economic Indicators are showing signs of higher annual growth. \nThe Leading Economic Indicator (LEI) posted respectable advances in 2004 (up 8.9%), which exceeded the index's advance of 7.3% in 2003. During the quarter, the LEI advanced 3.7% surpassing the three previous quarters (0.0% in Q1, 2.7% in Q2 and 2.2% in Q3). Over the three months in the quarter, the index posted solid gains: 1.4% to 183.8 in October, 0.6% to 185.0 in November and 1.5% to 187.9 in December. \nThe construction sector aided the index's advance as residential activity hit a yearly high. Builders obtained more permits for new residential \n \nconstruction, reversing the fourth quarter's slump in 2003. The weekly average number of hours worked in the manufacturing sector remained in the 39-40 hour range, which could lead to more production jobs. However, business owners are still hesitant to hire, possibly due to unstable demand, increased productivity and higher hiring costs. Initial unemployment claims have remained in the 11 thousand range for the last five quarters; which seems to indicate that initial jobless claims are subsiding. \nThe Coincident Economic Indicator (CEI) also posted strong gains over the year, up 8.1% in 2004 versus 6.0% in 2003. However, over the quarter the CEI slipped two \n \nout of the three months, which moved the index down slightly -0.5% during the reporting period. \nOn a monthly basis the index increased (0.2% to 182.2) in October then moved lower in November (-0.1% to 182.0) and December (-0.7 to 180.6). Slow job growth in the retail sector along with a fixed unemployment rate hampered the index from moving into positive territory. \nThe Leading Index reflects activity that will impact the economy for a duration of three to six months into the future. Coincident indicators measure current conditions. \n \n10 Economic Indicators / Fourth Quarter 2004 \n \nGeorgia Department of Labor \n \n Metro Atlanta \n \nDec-2004 \n \nNov-2004 \n \nOct-2004 \n \nPercent Change Nov-2004 \nto Dec-2004 \n \nPercent Change Oct-2004 \nto Nov-2004 \n \nNonagricultural Employment \n \n2,180,001 \n \nWholesale Employment \n \n134,910 \n \nRetail Employment \n \n237,725 \n \nAccommodation and Food Services Employment \n \n187,399 \n \nManufacturing Employment \n \n164,901 \n \nGovernment Employment \n \n292,993 \n \nConstruction Employment \n \n118,245 \n \nTrans., Warehousing and Utilities Employment \n \n115,329 \n \nFinancial Activities Employment \n \n148,352 \n \nProfessional and Business Services Employment \n \n348,513 \n \nHospital Services Employment \n \n60,162 \n \nSocial Assistance Employment \n \n26,636 \n \nManufacturing Workweek \n \n40.5 \n \nManufacturing Earnings \n \n$647.07 \n \nDeflated Manufacturing Earnings \n \n$340.03 \n \nInitial Unemployment Claims \n \n11,205 \n \nContinued Unemployment Claims \n \n107,802 \n \nTotal Unemployment Rate ( not seasonally adjusted ) \n \n4.2 \n \nInsured Unemployment Rate \n \n1.28% \n \nMARTA Passengers \n \n5,460,000 \n \nCobb County Transit Passengers \n \n258,288 \n \nResidential Construction (household units) \n \n6,860 \n \nNonresidential Construction (value) \n \n$435,227,000 \n \nDeflated Nonresidential Construction \n \n$302,000,000 \n \nHotel Occupancy \n \n65.4% \n \nAverage Hotel Room Rates \n \n$104.40 \n \nDeflated Average Hotel Room Rate \n \n$54.86 \n \nAverage 30-Year Fixed Mortgage Rate \n \n5.80% \n \nAverage 15-Year Fixed Mortgage Rate \n \n5.20% \n \nAverage One-Year Adjustable Mortgage Rate \n \n4.10% \n \n2,185,185 135,692 241,000 185,970 166,321 292,560 118,515 115,247 148,432 348,094 59,978 26,569 39.0 $633.93 $331.90 11,580 141,432 4.1 1.34% \n5,340,000 245,579 8,564 \n$233,555,000 $162,600,000 \n61.0% $98.83 $51.74 5.79% 5.19% 3.89% \n \n2,184,856 -0.24% \n \n135,518 -0.58% \n \n242,598 -1.36% \n \n186,687 0.77% \n \n166,711 -0.85% \n \n293,436 0.15% \n \n118,771 -0.23% \n \n114,346 0.07% \n \n147,996 -0.05% \n \n347,537 0.12% \n \n60,154 0.31% \n \n26,585 0.25% \n \n39.4 3.70% \n \n$635.39 2.07% \n \n$332.84 2.45% \n \n10,342 -3.24% \n \n113,161 -23.78% \n \n4.3 \n \n- \n \n1.38% \n \n- \n \n5,281,000 2.25% \n \n229,773 5.17% \n \n6,514 -19.90% \n \n$228,627,000 86.35% \n \n$159,800,000 85.73% \n \n68.2% \n \n- \n \n$102.44 5.64% \n \n$53.66 6.03% \n \n5.79% \n \n- \n \n5.23% \n \n- \n \n3.69% \n \n- \n \n0.02% 0.13% -0.66% -0.38% -0.23% -0.30% -0.22% 0.79% 0.29% 0.16% -0.29% -0.06% -1.03% -0.23% -0.28% 11.98% 24.98% \n1.12% 6.88% 31.48% 2.16% 1.75% -3.52% -3.57% - \n \nGeorgia Department of Labor \n \nEconomic Indicators / Fourth Quarter 2004 11 \n \n MILLIONS \n \nTHOUSANDS \n \nMetro Atlanta \n \n2. 24 2. 20 \n \n2003 2004 \n \n2. 17 \n \n2. 13 \n2. 10 \nNonagricultural Employment \n2. 06 \n150 \n \n145 \n \n140 \n \n135 \n \n130 \nWholesale Employment \n125 \n270 \n \n260 \n \n250 \n \n240 \n \n230 \nRetail Employment \n \n220 \n \nJ \n \nF \n \nM \n \nA \n \nM \n \nJ \n \nJ \n \nA \n \nS \n \nO \n \nN \n \nD \n \nTHOUSANDS \n \nTHOUSANDS \n \nTHOUSANDS \n \n300 2003 2004 \n250 \n200 \n150 \n100 \nAccommodation and Food Services \n50 220 \n200 \n180 \n160 \n140 \nManufacturing Employment \n120 310 \n \n300 \n \n290 \n \n280 \n \n270 \n \nGovernment Employment \n \n260 J \n \nF \n \nM \n \nA \n \nM \n \nJ \n \nJ \n \nA \n \nS \n \nO \n \nN \n \nD \n \nPeriod \n2003 :Q1 Q2 Q3 Q4 \n2004 :Q1 Q2 Q3 Oct \nNov Dec \n \nNonag \n2,160,724 2,150,461 2,162,940 2,160,913 2,176,898 2,171,361 2,178,376 2,184,856 2,185,185 2,180,001 \n \nWholesale \n137,432 136,427 136,355 136,152 136,495 135,419 135,330 135,518 135,692 134,910 \n \nEmployment \n \nRetail \n \nAccom. \u0026 Food Services \n \n240,992 241,539 242,916 237,683 240,187 241,858 242,431 242,598 241,000 237,725 \n \n174,820 175,425 177,603 181,055 184,638 184,249 184,948 186,687 185,970 187,399 \n \nManufacturing \n172,209 171,461 169,390 168,438 170,551 170,211 167,939 166,711 166,321 164,901 \n \nGovernment \n289,447 285,599 287,179 289,100 291,849 288,959 292,496 293,436 292,560 292,993 \n \nTHOUSANDS \n \n12 Economic Indicators / Fourth Quarter 2004 \n \nGeorgia Department of Labor \n \n THOUSANDS \n \nTHOUSANDS \n \nMetro Atlanta \n132 2003 2004 \n126 \n120 \n114 \n108 \nConstruction Employment \n102 \n140 \n130 \n120 \n110 \n100 \nTransportation, Warehousing \u0026 Utilities Employment \n90 \n155 \n \nTHOUSANDS \n \nTHOUSANDS \n \n400 2003 2004 \n380 \n360 \n340 \n320 \nProfessional and Business Services Employment \n300 \n80 \n70 \n60 \n50 \n40 \nHospital Services Employment \n30 \n40 \n \n151 \n \n35 \n \n147 \n \n30 \n \nTHOUSANDS \n \n143 \n \n25 \n \n139 \nFinancial Activities Employment \n \n20 \nSocial Assistance Employment \n \n135 \n \n15 \n \nJ \n \nF \n \nM \n \nA \n \nM \n \nJ \n \nJ \n \nA \n \nS \n \nO \n \nN \n \nD \n \nJ \n \nF \n \nM \n \nA \n \nM \n \nJ \n \nJ \n \nA \n \nS \n \nO \n \nN \n \nD \n \nPeriod \n2003 :Q1 Q2 Q3 Q4 \n2004 :Q1 Q2 Q3 Oct \nNov Dec \n \nConstruction \n115,209 113,535 115,036 118,626 120,719 118,649 117,986 118,771 118,515 118,245 \n \nTrans, Ware \u0026 Utilities \n117,127 113,908 113,878 114,204 112,360 116,352 115,135 114,346 115,247 115,329 \n \nEmployment \n \nFinancial Activities \n \nProfessional \u0026 Business Services \n \n147,888 148,043 149,176 147,114 148,020 147,083 147,458 147,996 148,432 148,352 \n \n338,255 334,512 338,906 340,349 343,056 339,469 343,131 347,537 348,094 348,513 \n \nHospital Services \n56,879 56,542 57,389 57,867 57,678 58,468 59,298 60,154 59,978 60,162 \n \nSocial Assistance \n25,887 25,616 26,035 26,076 26,767 26,648 27,032 26,585 26,569 26,636 \n \nTHOUSANDS \n \nGeorgia Department of Labor \n \nEconomic Indicators / Fourth Quarter 2004 13 \n \n HOURS \n \nDOLLARS \n \nMetro Atlanta \n \n43.0 41.0 \n \n2003 2004 \n \n39.0 \n \n37.0 \n \n35.0 \nManufacturing Workweek \n33.0 \n$ 675 \n \n$ 635 \n \n$ 595 \n \n$ 555 \n \n$ 515 \nManufacturing Earnings \n$ 475 \n475 \n \nTHOUSANDS \n \nTHOUSANDS \n \n26. 9 21. 9 16. 9 11. 9 \n6. 9 1. 9 275 225 175 125 \n75 25 7. 0 \n \n2003 2004 \nInitial Unemployment Claims \nContinued Unemployment Claims \n \n420 \n \n365 \n \n310 \n \n255 \nDeflated Manufacturing Earnings \n \n200 \n \nJ \n \nF \n \nM \n \nA \n \nM \n \nJ \n \nJ \n \nA \n \nS \n \nO \n \nN \n \nD \n \nPERCENTAGES \n \n6. 0 \n \n5. 0 \n \n4. 0 \n \nUnemployment Rate \n \n3. 0 J \n \nF \n \nM \n \nA \n \nM \n \nJ \n \nJ \n \nA \n \nS \n \nO \n \nN \n \nD \n \nDOLLARS \n \nPeriod \n2003 :Q1 Q2 Q3 Q4 \n2004 :Q1 Q2 Q3 Oct \nNov Dec \n \nWork Week (hrs) \n40.8 40.3 38.9 39.2 38.3 38.0 37.2 39.4 39.0 40.5 \n \nManufacturing \nWeekly Earnings \n$568.10 568.80 543.54 560.37 605.62 638.31 623.15 635.39 633.93 647.07 \n \nDeflated Earnings \n$310.45 309.70 294.52 303.56 325.14 337.85 328.67 332.84 331.90 340.03 \n \nInitial Claims \n13,272 15,564 13,186 11,560 11,525 11,658 11,033 10,342 11,580 11,205 \n \nUnemployment \nContinued Claims \n158,677 178,406 161,618 146,319 126,715 140,060 126,179 113,161 141,432 107,802 \n \nRate \n5.1% 5.6% 4.9% 4.1% 3.8% 4.6% 4.3% 4.3% 4.1% 4.2% \n \n14 Economic Indicators / Fourth Quarter 2004 \n \nGeorgia Department of Labor \n \n PERCENTAGES \n \nMILLIONS \n \nMetro Atlanta \n2.9 2003 2004 \n2.5 \n2.1 \n1.7 \n1.3 \nInsured Unemployment Rate \n0.9 \n7. 0 \n6. 5 \n \nHOUSEHOLD UNITS ( THOUSANDS ) \n \n$9 $8 $7 $6 $5 \nResidential Construction \n$4 $ 750 \n$ 600 \n \n6. 0 \n \n$ 450 \n \nMILLIONS \n \n5. 5 \n \n$ 300 \n \n5. 0 \nMARTA Passengers \n4. 5 \n270 \n \n$ 150 \nNonresidential Construction \n$0 \n$510 \n \n250 \n \n$410 \n \n230 \n \n$310 \n \nMILLIONS \n \n210 \n \n$210 \n \n190 \nCobb Community Transit Passengers \n \n$110 \nDeflated Nonresidential Construction \n \n170 \n \n$10 \n \nJ \n \nF \n \nM \n \nA \n \nM \n \nJ \n \nJ \n \nA \n \nS \n \nO \n \nN \n \nD \n \nJ \n \nF \n \nM \n \nA \n \nM \n \nJ \n \nJ \n \nA \n \nS \n \nO \n \nN \n \nD \n \nTHOUSANDS \n \nPeriod \n \nInsured Unemployment \nRate 2 \n \nTransit Passengers \n \nMARTA 1 \n \nCobb Community \n \n2003 :Q1 \n \n1.81% \n \n5,476,300 \n \n191,127 \n \nQ2 \n \n1.93% \n \n5,570,400 \n \n190,276 \n \nQ3 \n \n1.75% \n \n5,506,000 \n \n202,328 \n \nQ4 \n \n1.54% \n \n5,577,700 \n \n217,738 \n \n2004 :Q1 \n \n1.47% \n \n5,538,100 \n \n216,195 \n \nQ2 \n \n1.53% \n \n5,618,800 \n \n212,866 \n \nQ3 \n \n1.40% \n \n5,215,200 \n \n222,526 \n \nOct \n \n1.38% \n \n5,280,800 \n \n229,773 \n \nNov \n \n1.34% \n \n5,340,100 \n \n245,579 \n \nDec \n \n1.28% \n \n5,459,600 \n \n1 Data rounded 2 Rate at the end of each quarter, except for monthly rates. \n \n3 Household units \n \n258,288 \n \nGeorgia Department of Labor \n \nResidential 3 \n4,831 4,623 6,149 5,992 5,843 5,370 6,364 6,514 8,564 6,860 \n \nConstruction \nNonresidential 1 \n$236,366,000 250,483,000 290,529,000 186,460,000 303,366,000 299,017,000 311,217,000 228,627,000 233,555,000 435,227,000 \n \nDeflated Non-res \n$182,766,667 193,066,667 222,000,000 139,800,000 224,133,333 215,100,000 219,500,000 159,800,000 162,600,000 302,000,000 \n \nEconomic Indicators / Fourth Quarter 2004 15 \n \n PERCENTAGES \n \nDOLLARS \n \nMetro Atlanta \n75 2003 2004 \n69 \n63 \n56 \n50 \nHotel Occupancy \n44 \n$ 110 \n$ 100 \n$ 90 \n$ 80 \n$ 70 \nAverage Hotel Room Rates \n$ 60 $ 60 \n \nPERCENTAGES \n \nPERCENTAGES \n \n7. 60 7. 00 6. 40 5. 80 5. 20 4. 60 \n7. 10 6. 48 5. 86 5. 24 4. 62 4. 00 7. 41 \n \n2003 2004 \nAverage 30-Year Fixed Mortgage Rates \nAverage 15-Year Fixed Mortgage Rates \n \n$ 54 \n \n6. 21 \n \nPERCENTAGES \n \n$ 48 \n \n5. 01 \n \n$ 42 \n \n3. 81 \n \n$ 36 \nDeflated Average Hotel Room Rates \n \n2. 61 \nAverage One-Year Adjustable Mortgage Rates \n \n$ 30 \n \n1. 41 \n \nJ \n \nF \n \nM \n \nA \n \nM \n \nJ \n \nJ \n \nA \n \nS \n \nO \n \nN \n \nD \n \nJ \n \nF \n \nM \n \nA \n \nM \n \nJ \n \nJ \n \nA \n \nS \n \nO \n \nN \n \nD \n \nDOLLARS \n \nHotel Data \n \nPeriod \n \nOccupancy% 3 \n \nRoom Rates 3 \n \nDeflated Room Rates \n \n2003 :Q1 \n \n56.8% \n \n$74.18 \n \n$40.54 \n \nQ2 \n \n55.3% \n \n72.16 \n \n39.29 \n \nQ3 \n \n63.4% \n \n92.57 \n \n50.16 \n \nQ4 \n \n61.8% \n \n93.24 \n \n50.51 \n \n2004 :Q1 \n \n65.1% \n \n93.48 \n \n50.18 \n \nQ2 \n \n61.9% \n \n94.90 \n \n50.23 \n \nQ3 \n \n64.7% \n \n95.13 \n \n50.17 \n \nOct \n \n68.2% \n \n102.44 \n \n53.66 \n \nNov \n \n61.0% \n \n98.83 \n \n51.74 \n \nDec \n \n65.4% \n \n104.40 \n \n54.86 \n \n1 Rate does not include points 2 Mortgage rates are not seasonally adjusted \n3 Hotel data compiled after July 2003 is not comparable to prior time periods. \n \n16 Economic Indicators / Fourth Quarter 2004 \n \n3 0 - Ye a r Fixed 1,2 \n5.74% 5.22% 6.20% 5.91% 5.47% 6.35% 5.83% 5.79% 5.79% 5.80% \n \nMortgage Rates \n \n1 5 - Ye a r Fixed 1,2 \n \nO n e - Ye a r Rate Adjustable1,2 \n \n5.10% 4.61% 5.47% 5.24% 4.78% 4.77% 5.30% 5.23% 5.19% 5.20% \n \n3.43% 3.18% 3.66% 3.57% 3.07% 4.11% 3.77% 3.69% 3.89% 4.10% \n \nGeorgia Department of Labor \n \n Dear Subscriber to Economic Indicators: Several new methods for releasing the Economic Indicators publication have been introduced \nwithin the last few years. One of the other methods may better meet your needs. \nInternet -- The Economic Indicators are found at www.dol.state.ga.us/wp/lmi_publications.htm. This will allow you immediate access to the information, no further action is necessary. \nE-Mail -- Notification and a hyperlink can be delivered to you by e-mail on the morning of the release. Please complete the form at the bottom and return with your e-mail address or notify us by e-mail at workforce_info@dol.state.ga.us. \nMailed Publication -- If you wish to receive the Economic Indicators publication by U.S. mail. \nIf you are a new subscriber please select a method of delivery and return this form via mail, fax or e-mail. \nIf you are an exisiting subscriber select an option and make any necessary changes below before returning this form. \nPlease check one \nI wish to receive the notification of the hyperlink by e-mail. My e-mail address and phone are: __________________ @ _________________ (_ _ _) _ _ _-_ _ _ _ \nI wish to receive this publication by mail. \nExisting subsriber with a change in delivery option and/or address. \nPlease include 5-digit # on your current mailing label. _ _ _ _ _ \nOrganization _____________________________________________________ \nName __________________________________________________________ \nStreet or P.O. Box _________________________________________________ \nCity, State, Zip Code _______________________________________________ \nWork Phone: ___________________ Ext:___________ \nIf you have any questions, please contact Workforce Information \u0026 Analysis at (404) 232-3875, by fax at (404) 232-3888, or by e-mail at workforce_info@dol.state.ga.us. \nType \"Economic Indicators\" in the subject box of your e-mail. \n \n This page is intentionally blank \n \n "},{"id":"dlg_ggpd_i-ga-bl200-pe46-bp1-be31-b9-s1-belec-p-btext","title":"Georgia-Atlanta economic indicators. Quarterly report, Vol. 9, no. 1 (First quarter 2003)","collection_id":"dlg_ggpd","collection_title":"Georgia Government Publications","dcterms_contributor":["Georgia. Workforce Information and Analysis."],"dcterms_spatial":["United States, Georgia, 32.75042, -83.50018"],"dcterms_creator":["Georgia. Workforce Information and Analysis"],"dc_date":["2003"],"dcterms_description":["Quarterly","Latest issue consulted: Vol. 9, issue 2 (2nd quarter 2003)","Merger of: Georgia economic indicators. Monthly report, and: Metro Atlanta economic indicators. Monthly report"],"dc_format":["application/pdf"],"dcterms_identifier":null,"dcterms_language":["eng"],"dcterms_publisher":["Atlanta, Ga. : Georgia Dept. of Labor, Workforce Information and Analysis, 2003"],"dc_relation":null,"dc_right":["http://rightsstatements.org/vocab/InC/1.0/"],"dcterms_is_part_of":null,"dcterms_subject":["Georgia--Economic conditions--Statistics--Periodicals","Economic indicators--Georgia--Periodicals"],"dcterms_title":["Georgia-Atlanta economic indicators. Quarterly report, Vol. 9, no. 1 (First quarter 2003)","Georgia economic indicators. Quarterly report","Quarterly report","Georgia economic indicators. Monthly report","Metro Atlanta economic indicators. Monthly report"],"dcterms_type":["Text"],"dcterms_provenance":["University of Georgia. Map and Government Information Library"],"edm_is_shown_by":["https://dlg.galileo.usg.edu/do:dlg_ggpd_i-ga-bl200-pe46-bp1-be31-b9-s1-belec-p-btext"],"edm_is_shown_at":["https://dlg.galileo.usg.edu/id:dlg_ggpd_i-ga-bl200-pe46-bp1-be31-b9-s1-belec-p-btext"],"dcterms_temporal":null,"dcterms_rights_holder":null,"dcterms_bibliographic_citation":null,"dlg_local_right":null,"dcterms_medium":["reports","state government records"],"dcterms_extent":null,"dlg_subject_personal":null,"iiif_manifest_url_ss":null,"dcterms_subject_fast":null,"fulltext":"Economic \n \nIndicators \n \nA Quarterly Report of Georgia and Metro Atlanta Labor Market and Economic Trends \n \nFirst Quarter 2003 \n \nVolume 9, Issue 1 \n \nGeorgia Department of Labor \nMichael L. Thurmond Commissioner \n \n Georgia-Atlanta Economic Indicators \nQuarterly Report First Quarter - 2003 \nVolume 9, Issue 1 \n \nCover art: Morton Theatre, Athens,Georgia by Huey J. Theus, Mableton, Georgia \nGeorgia Economic Indicators, Quarterly Report, is published by Workforce Information and Analysis, a division of the Georgia Department of Labor, 148 Andrew Young International Boulevard, N.E., Atlanta, Georgia 30303-1751. The telephone number is (404) 232-3875. \nVisit the Georgia Department of Labor web site at www.dol.state.ga.us \n \nGeorgia Department of Labor \nMichael L. Thurmond, Commissioner \n \nEqual Opportunity Employer/Programs - Auxiliary Aids and Services Available Upon Request to Individuals With Disabilities \n \nGeorgia Department of Labor \n \nEconomic Indicators / First Quarter 2003 \n \n Introduction \n \nG eorgia Economic Indicators, Quarterly Report, is designed to provide in a single publication data on a \nnumber of indicators used to measure movement of the state's economy. \nOur publication has changed. \nThe Georgia and Metropolitan Altanta Economic Indicator series, previously published as two separate monthly publications, are now published as a single quarterly publication. Additional data series for Georgia's other six metropolitan statistical areas are being developed and will be added to this publication later in the year. Graphs will continue to display data on monthly increments; whereas, companion data tables will display the 3-month average for each series (for 7 quarters) before alternating to a monthly format for the most recent quarter. \nAll data except those contained in the U.S. Consumer Price Index chart on Page 3 are seasonally adjusted using the X11 ARIMA method. They are presented in graphic and tabular form along with an analysis. Each series shows movement over a 24-month period. Where appropriate, companion graphs and tables show data that have been deflated by the U.S. Consumer Price Index or the U.S. Construction Price Index. The purpose is to adjust for inflation and show growth in constant dollars. \nHistorical tables and graphs are included in a supplementary Georgia Economic Indicators, Historical Series, published annually. \nWorkforce Information and Analysis welcomes comments, suggestions or questions concerning Georgia Economic Indicators, Quarterly Report and Historical Series. Please address correspondence to Bill Webb, Workforce Information and Analysis, Georgia Department of Labor, 148 Andrew Young International Boulevard, N.E., Atlanta, Georgia 30303-1751. The telephone number is (404) 232-3875. \n \nData Sources \n \nGeorgia Indexes of Leading and Coincident Economic Indicators*, Initial Unemployment Claims, Continuing Unemployment Claims, Insured Unemployment Rate, Nonagricultural Job Openings Unfilled, Weekly Manufacturing Earnings, Manufacturing Workweek and Employment data. -- Georgia Department of Labor \nConsumer Price Index -- U.S. Bureau of Labor Statistics, adapted from commentary by Michael Wald New Motor Vehicles, State Sales and Use Tax Collections and Total Revenue Collections -- Georgia Department of Revenue New Business Corporations -- Georgia Secretary of State Residential Construction and Construction Price Index -- U.S. Department of Commerce Nonresidential Construction -- F.W. Dodge, McGraw-Hill Construction Information Group MARTA Passengers -- Metropolitan Atlanta Rapid Transit System CCT Passengers -- Cobb Community Transit System Hotel Occupancy and Room Rates -- Smith Travel Research, Hendersonville, TN Mortgage Rates -- HSH Associates, Financial Publishers, Butler, NJ \n* Model for Georgia Indexes of Leading and Coincident Economic Indicators developed by Georgia State University's Economic Forecasting Center \n \n2 Economic Indicators / First Quarter 2003 \n \nGeorgia Department of Labor \n \n Consumer Price Index \n \nChart is not seasonally adjusted \n \nYEAR 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 \n \nJAN \n127.4 134.6 138.1 142.6 146.2 150.3 154.4 159.1 161.6 164.3 168.7 175.1 177.1 181.7 \n \nFEB \n128.0 134.8 138.6 143.1 146.7 150.9 154.9 159.6 161.9 164.5 169.7 175.8 177.8 183.1 \n \nMAR \n128.7 135.0 139.3 143.6 147.2 151.4 155.7 160.0 162.2 165.0 171.1 176.2 178.8 184.2 \n \nAPR \n128.9 135.2 139.5 144.0 147.4 151.9 156.3 160.2 162.5 166.2 171.2 176.9 179.8 \n \nMAY \n129.2 135.6 139.7 144.2 147.5 152.2 156.6 160.1 162.8 166.2 171.3 177.7 179.8 \n \nJUN \n129.9 136.0 140.2 144.4 148.0 152.5 156.7 160.3 163.0 166.2 172.3 178.0 179.9 \n \nJUL \n130.4 136.2 140.5 144.4 148.4 152.5 157.0 160.5 163.2 166.7 172.6 177.5 180.1 \n \nAUG \n131.6 136.6 140.9 144.8 149.0 152.9 157.3 160.8 163.4 167.1 172.8 177.5 180.7 \n \nSEP \n132.7 137.2 141.3 145.1 149.4 153.2 157.8 161.2 163.6 167.9 173.7 178.3 181.0 \n \nOCT \n133.5 137.4 141.9 145.7 149.5 153.7 158.3 161.6 164.0 168.2 174.0 177.7 181.3 \n \nNOV \n133.8 137.8 142.0 145.8 149.7 153.6 158.6 161.5 164.0 168.3 174.1 177.4 181.3 \n \nDEC \n133.8 137.9 141.9 145.8 149.7 153.5 158.6 161.3 163.9 168.3 174.0 176.7 180.9 \n \nAVG \n130.7 136.2 140.3 144.5 148.2 152.4 156.9 160.5 163.0 166.6 172.1 177.1 179.9 \n \nCPI RATE \n6.1% 3.1% 2.9% 2.7% 2.7% 2.5% 3.3% 1.7% 1.6% 2.7% 3.4% 1.6% 2.4% \n \nSource: U.S. Bureau Of Labor Statistics @WWW.BLS.GOV \n \nCPI Accelerates in March \n \nThe Consumer Price Index for All Urban Consumers (CPI-U) increased 0.6 percent in March, before seasonal adjustment, as recently reported by the Bureau of Labor Statistics of the U.S. Department of Labor. The March level of 184.2 (1982-84=100) was 3.0 percent higher than its level in March 2002. \nOn a seasonally adjusted basis, the CPI-U rose 0.3 percent in March, following increases of 0.6 percent in February. Energy costs again rose sharply, up 4.6 percent in March, and accounted for over 90 percent of the advance in the overall CPI-U. Within energy, the index for petroleum-based energy advanced 4.3 percent and the index for energy services increased 5.0 percent. The index for all items less food and energy was unchanged in March after increasing 0.1 percent in both January and February. \nFor the first three months of 2003, consumer prices increased at a seasonally adjusted annual rate (SAAR) of 5.2 percent. This compares with an increase of 2.4 percent for all of 2002. The index for energy, which \n \nrose 10.7 percent in 2002, accelerated in the first quarter of 2003, advancing at a 76.5 percent SAAR and accounting for about 80 percent of the first quarter advance in the overall CPI-U. \nPetroleum-based energy costs increased at a 125.0 percent annual rate and charges for energy services rose at a 37.4 percent annual rate. Excluding food and energy, the CPI-U advanced at a 0.8 percent SAAR in the first quarter, following a 1.9 percent rise in all of 2002. \nThe index for housing rose 0.4 percent in March. Shelter costs were virtually unchanged for the second consecutive month. The index for fuels and utilities rose 4.4 percent in March. The indexes for fuel oil increased 9.8 percent in March, and prices for fuel oil were 60.0 percent higher than in March 2002. The index for electricity increased 0.8 percent in March, accounting for all of its increase in the last 12 months. \nThe transportation index rose 1.0 percent in March, following increases of 1.1 and 2.0 percent in the preceding \n \ntwo months. The index for gasoline, which rose 6.6 and 9.9 percent in January and February, respectively, increased 4.1 percent in March. As of March, the price of gasoline was 1.0 percent higher than its previous peak level of May 2001. Airline fares increased for the second consecutive month, up 1.9 percent in March, but are 1.8 percent lower than a year ago. \nThe index for apparel declined 0.4 percent in March. (Prior to seasonal adjustment, apparel prices rose 2.5 percent, reflecting the introduction of spring-summer apparel wear.) \nMedical care costs rose 0.2 percent in March to a level 4.3 percent higher than a year ago. The index for medical care commodities rose 0.4 percent. The index for medical care services rose 0.1 percent in March. Charges for professional services and for hospital and related services increased 0.1 and 0.2 percent, respectively. \n \nGeorgia Department of Labor \n \nEconomic Indicators / First Quarter 2003 3 \n \n Georgia Index of Economic Indicators \n208 \nLeading indicators Coincident indicators \n181 \n \n154 \n \n128 \n \n101 \n1990 = 100 \n \n74 1996 \n \n1997 \n \n1998 \n \n1999 \n \n2000 \n \n2001 \n \n2002 \n \n2003 \n \nGeorgia's Economic Indicators take a dip in the first quarter \n \nNote: All indicators are seasonally adjusted. \n*** Georgia's Department of Labor's Index of Leading Economic Indicators (LEI), ended the first quarter in negative territory. The index declined to 175.0 in March after increasing to 175.23 in January (a gain of 1.4 percent) and to 175.28 (a gain of 0.03 percent) in February. Initial jobless claims took off in March increasing initial unemployment claims 22.1 percent; in addition to a 20.5 percent drop in March for new business filings. The 20.8 percent gain in the value of commercial construction was not enough to turn the indicator positive. The other sectors, residential construction and sales of new motor vehicles remained in positive single digit territory. \nThe manufacturing work week \n \nmanaged to stay above 40 hours in March up slightly from February's reading. \nThe Coincident Economic Indicator (CEI) also declined in the first quarter. The index began at 170.8 in January to barely breaking even at 171.0 in February then declining to 169.2 in March. \nRetail employment numbers for the first quarter came in a little stronger than last year's level for the same time period. The state's unemployment rate for February and March were revised upward to 4.6 and 4.7 percent, respectively. Total state revenue continues to mirror last years pattern as recovery prospects continue to develop. \n \nOverall, the economic picture remains mixed laced with unsure consumer confidence, strong demand for starter homes, continuing downsizing and stagnant new job growth. \nThe Leading Index reflects activity that will impact the economy for a duration of three to six months into the future. Coincident indicators measure current conditions. \n \n4 Economic Indicators / First Quarter 2003 \n \nGeorgia Department of Labor \n \n Georgia \nNonagricultural Employment change from previous month \nRetail Employment change from previous month \nManufacturing Employment change from previous month \nManufacturing Workweek (hours) change from previous month \nWeekly Manufacturing Earnings change from previous month \nNonagricultural Job Openings Unfilled change from previous month \nInitial Unemployment Claims change from previous month \nContinued Unemployment Claims change from previous month \nUnemployment rate (not seasonally adjusted) change from previous month \nInsured Unemployment Rate change from previous month \nNew Motor Vehicle Sales change from previous month \nResidential Construction ( building permits ) change from previous month \nNonresidential Construction ( dollar value ) change from previous month \nNew Business Corporations change from previous month \nTotal State Revenues ( in millions ) change from previous month \nDeflated State Revenues ( in millions ) change from previous month \n \nMarch 2003 \n3,912,301 0.09% \n459,591 -0.88% \n455,065 -1.21% \n40.9 0.16% \n$566.86 -0.84% \n12,003 3.07% \n55,465 22.19% \n341,074 12.47% \n4.7% - - \n1.99% - - \n42,496 7.71% \n7,196 8.87% \n$478,738,843 20.80% \n4,324 -20.51% \n$895,170,415 -11.66% \n485,977,200 -12.18% \n \nFebruary 2003 \n3,908,851 -0.05% \n463,685 1.08% \n460,661 -1.53% \n40.8 1.82% \n$571.68 3.08% \n11,646 7.72% \n45,394 -1.83% \n303,271 19.04% \n4.6% - - \n1.88% - - \n39,455 -26.58% \n6,610 -19.81% \n$396,306,458 12.61% \n5,440 7.01% \n$1,013,292,058 -15.83% \n553,408,000 -16.47% \n \nJanuary 2003 \n3,910,954 - - \n458,720 - - \n467,841 - - \n40.1 - - \n$554.59 - - \n10,811 - - \n46,239 - - \n254,757 - - \n4.5% - - \n1.91% - - \n53,735 - - \n8,243 - - \n$351,920,504 - - \n5,084 - - \n$1,203,870,339 - - \n662,559,200 - - \n \nGeorgia Department of Labor \n \nEconomic Indicators / First Quarter 2003 5 \n \n MILLIONS \n \nTHOUSANDS \n \nGEORGIA \n \n4.02 \n \n2001- 2002 2002- 2003 \n \n3.98 \n \n3.93 \n \n3.89 \n \nHOURS \n \n45.2 2001- 2002 2002- 2003 \n43.7 \n42.3 \n40.8 \n \n3.84 \nNonagricultural Employment \n3.80 \n500 \n480 \n460 \n440 \n \nDOLLARS \n \n39.4 37.9 $610 $580 $550 $520 \n \nManufacturing Workweek \n \n420 \nRetail Employment \n400 \n560 \n \n$490 \nAverage Weekly Manufacturing Earnings \n$460 \n$325 \n \n530 \n \n$310 \n \n500 \n \n$295 \n \nDOLLARS \n \n470 \n \n$280 \n \n440 \n \n$265 \n \nManufacturing Employment \n \nDeflated Average Weekly Manufacturing Earnings \n \n410 \n \n$250 \n \nA \n \nM \n \nJ \n \nJ \n \nA \n \nS \n \nO \n \nN \n \nD \n \nJ \n \nF \n \nM \n \nA \n \nM \n \nJ \n \nJ \n \nA \n \nS \n \nO \n \nN \n \nD \n \nJ \n \nF \n \nM \n \nEmployment \n \n2001: Q2 Q3 Q4 \n2002: Q1 Q2 Q3 Q4 \n2003: Jan. Feb. Mar. \n \nNonag \n3,950,641 3,932,362 3,904,177 3,917,900 3,907,837 3,900,149 3,897,861 3,910,954 3,908,851 3,912,301 \n \nRetail \n461,564 458,481 453,450 453,237 456,186 453,215 454,103 458,720 463,685 459,591 \n \nMfg. \n504,720 490,195 478,563 471,521 472,759 473,759 469,658 467,841 460,661 455,065 \n \nAll graphs contain monthly data and are seasonally adjusted, except where noted. \n \nManufacturing \n \nAvg. Work Week \n \nWeekly Earnings \n \n40.1 \n \n$495.04 \n \n41.2 \n \n525.03 \n \n40.3 \n \n516.67 \n \n41.1 \n \n549.23 \n \n41.1 \n \n545.70 \n \n40.7 \n \n534.06 \n \n40.7 \n \n560.83 \n \n40.1 \n \n554.59 \n \n40.8 \n \n571.68 \n \n40.9 \n \n566.86 \n \nDeflated Wkly Earnings \n$278.83 295.35 291.47 308.73 303.45 295.71 309.57 305.22 312.22 307.74 \n \nTHOUSANDS \n \n6 Economic Indicators / First Quarter 2003 \n \nGeorgia Department of Labor \n \n THOUSANDS \n \nTHOUSANDS \n \nGEORGIA \n19. 7 \n2001- 2002 2002- 2003 \n16. 2 \n \n5.9 2001- 2002 2002- 2003 \n5.2 \n \nPERCENTAGES \n \n12. 7 \n \n4.6 \n \n9. 2 \n \n4.0 \n \n5. 7 \nNonagricultural Job Openings Unfilled \n2. 2 \n99.6 \n80.9 \n62.1 \n43.4 \n24.6 \nInitial Unemployment Claims \n5.9 485.6 \n \nPERCENTAGES \n \n3.3 2.7 2.76 2.26 1.76 1.26 0.76 0.26 63 \n \nUnemployment Rate Insured Unemployment Rate \n \n392.5 \n \n56 \n \nTHOUSANDS \n \n299.4 \n \n50 \n \n206.2 \n \n43 \n \n113.1 \n \n37 \n \nContinued Unemployment Claims \n \nNew Motor Vehicle Sales \n \n20.0 \n \n30 \n \nA \n \nM \n \nJ \n \nJ \n \nA \n \nS \n \nO \n \nN \n \nD \n \nJ \n \nF \n \nM \n \nA \n \nM \n \nJ \n \nJ \n \nA \n \nS \n \nO \n \nN \n \nD \n \nJ \n \nF \n \nM \n \nTHOUSANDS \n \n2001: Q2 Q3 Q4 \n2002: Q1 Q2 Q3 Q4 \n2003: Jan. Feb. Mar. \n \nJob Openings \n9,059 8,287 7,624 9,214 9,697 10,246 10,690 10,811 11,646 12,003 \n \nInitial Claims \n57,570 53,592 61,024 46,376 49,953 44,835 50,556 46,239 45,394 55,465 \n \n1 Rate at the end of each quarter, except for monthly rates. Georgia Department of Labor \n \nUnemployment \n \nContinued Claims \n \nRate 1 \n \n257,142 \n \n4.5% \n \n277,203 \n \n4.2% \n \n348,012 \n \n4.3% \n \n309,885 \n \n4.6% \n \n342,513 \n \n5.2% \n \n321,650 \n \n4.8% \n \n303,933 \n \n4.6% \n \n254,757 \n \n4.5% \n \n303,271 \n \n4.6% \n \n341,074 \n \n4.7% \n \nInsured 1 \n1.59% 1.73% 2.09% 2.06% 1.94% 1.96% 2.19% 1.91% 1.88% 1.99% \n \nNew Motor Vehicle Sales \n43,837 47,677 47,801 46,658 43,752 47,308 42,452 53,735 39,455 42,496 \n \nEconomic Indicators / First Quarter 2003 7 \n \n HOUSEHOLD UNITS \n \nMILLIONS \n \nGEORGIA \n \n10,277 9,388 \n \n2001- 2002 2002- 2003 \n \n8,499 \n \n7,609 \n \n6,720 5,831 \n$810 \n \nResidential Construction 2 \n \nCHARTERS \n \n7,123 6,068 5,014 3,959 2,905 1,850 $1,683 \n \n2001- 2002 2002- 2003 \nNew Business Corporations 3 \n \n$672 \n$534 \n$396 \n$258 \nNonresidential Construction \n$120 $675 \n \nMILLIONS \n \n$1,466 $1,250 $1,033 \n$817 $600 \n$940 \n \nTotal State Revenue \n \n$550 \n \n$823 \n \n$425 \n \n$706 \n \nMILLIONS \n \n$300 \n \n$589 \n \n$175 \nDeflated Nonresidential Construction \n \n$472 \nDeflated Total State Revenue \n \n$50 \n \n$355 \n \nA \n \nM \n \nJ \n \nJ \n \nA \n \nS \n \nO \n \nN \n \nD \n \nJ \n \nF \n \nM \n \nA \n \nM \n \nJ \n \nJ \n \nA \n \nS \n \nO \n \nN \n \nD \n \nJ \n \nF \n \nM \n \nMILLIONS \n \nConstruction \n \nResidential 2 Non-residential 1 Deflated non-res 1 \n \n2001: Q2 \n \n8,117 \n \n$468,826,000 \n \n$393,750,800 \n \nQ3 \n \n7,639 \n \n496,546,000 \n \n414,825,400 \n \nQ4 \n \n7,428 \n \n499,825,000 \n \n415,367,000 \n \n2002: Q1 \n \n7,794 \n \n441,608,000 \n \n364,262,900 \n \nQ2 \n \n8,400 \n \n448,637,000 \n \n368,439,900 \n \nQ3 \n \n7,861 \n \n436,092,000 \n \n357,062,200 \n \nQ4 \n \n7,970 \n \n492,563,000 \n \n399,375,400 \n \n2003: Jan. Feb. \n \n8,243 6,610 \n \n351,921,000 396,306,000 \n \n281,311,800 316,033,500 \n \nMar. \n \n7,196 \n \n478,739,000 \n \n380,858,400 \n \n1 Data rounded 2 Household units 3 Includes limited liability companies \n \n8 Economic Indicators / First Quarter 2003 \n \nNew Business Corporations 3 \n4,561 4,846 3,645 5,236 4,785 5,180 5,186 5,084 5,440 4,324 \n \nTotal State Revenue 1 Deflated Rev. 1 \n$1,191,590,000 $671,192,300 1,098,360,000 617,866,100 1,089,340,000 614,520,500 1,040,070,000 584,637,400 1,131,250,000 629,054,700 1,004,900,000 556,423,000 1,073,530,000 592,564,900 1,203,870,000 662,559,200 1,013,290,000 553,408,000 \n895,170,000 485,977,200 \nGeorgia Department of Labor \n \n Metro Atlanta Index of Economic Indicators \n184.9 \nLeading indicators Coincident indicators \n165.6 \n \n146.3 \n \n127.1 \n \n107.8 \n1995-96 = 100 \n \n88.5 \n \n96 \n \n97 \n \n98 \n \n99 \n \n00 \n \n01 \n \n02 \n \n03 \n \n04 \n \nMetro Atlanta waits for the economy to turn the corner \n \nNote: All indicators are seasonally adjusted. \n \n*** \n \nEconomic growth has declined over the last several quarters, adding a layer of uncertainty to the economy. The transition from the old economy in the 90's to the 21st century has been long awaited. After all, economic progress will return, but the question is what type of economy will emerge after we turn the corner? \nThe Leading Economic Indicators (LEI) for Metropolitan Atlanta increased from 168.3 in January to 170.4 in March, ending the quarter up 1.2 percent. \nThe commercial construction sector led the LEI with two consecutive months of gains, up 56.38 percent in February and 13.8 percent in March. Nonresidential construction activity remains low in comparison to previous time periods. Sales of new homes \n \n(driven by low interest rates) seem to be holding up despite fears of a housing bubble. Permits for new homes increased 13.0 percent in March after declining 9.7 percent in February. Manufacturing hours worked declined slightly in March; however, the weekly average remains close to 40. Initial unemployment claims, a gauge used to measure the condition of the current job market, continue to hover around last year's levels. \nThe Coincident Economic Indicator, which measures current economic conditions, increased from 158.3 in January to 159.9 in March, an increase of 1.0 percent for the quarter. \nUnemployment in the metro area remained stable (at 4.7%) during the \n \nfirst quarter. Retail employment increased in February (up 1.4 percent) and then declined 1.8 percent in March, averaging 167 thousand jobs in the first quarter. The curvature of the coincident indicator has been elevated due to the transition from SIC to NAICS industry coding and revised benchmarked data (detecting an increase in retail jobs ). The insured unemployment rate edged up slightly to 1.81% in March. \nThe economy seems to be continuing to turn around slowly. No phenomenal gains were recorded during the first quarter. We will have to wait until the second quarter to determine the mind set of consumers and business. \n \nEconomic Indicators / First Quarter 2003 \n \nGeorgia Department of Labor 9 \n \n Metro Atlanta \n \nMar-2003 \n \nFeb-2003 \n \nPercent Percent \n \nChange Change \n \nFeb-2003 Jan-2003 \n \nto \n \nto \n \nJan-2003 Mar-2003 Feb-2003 \n \nNonagricultural Employment \n \n2,187,205 \n \nWholesale Employment \n \n140,487 \n \nRetail Employment \n \n249,062 \n \nAccommodation and Food Services Employment \n \n169,515 \n \nManufacturing Employment \n \n166,717 \n \nGovernment Employment \n \n289,299 \n \nConstruction Employment \n \n121,165 \n \nTrans., Warehousing and Utilities Employment \n \n112,311 \n \nFinancial Activities Employment \n \n144,335 \n \nProfessional and Business Services Employment \n \n366,895 \n \nHospital Services Employment \n \n57,928 \n \nSocial Assistance Employment \n \n25,729 \n \nManufacturing Workweek \n \n39.4 \n \nManufacturing Earnings \n \n$584.01 \n \nDeflated Manufacturing Earnings \n \n$317.05 \n \nInitial Unemployment Claims \n \n13,304 \n \nContinued Unemployment Claims \n \n184,529 \n \nTotal Unemployment Rate (not seasonally adjusted ) \n \n4.7 \n \nInsured Unemployment Rate \n \n1.81% \n \nMARTA Passengers \n \n5,422,000 \n \nCobb County Transit Passengers \n \n191,194 \n \nResidential Construction (household units) \n \n5,060 \n \nNonresidential Construction (value) \n \n$290,530,000 \n \nDeflated Nonresidential Construction \n \n$231,100,000 \n \nHotel Occupancy \n \n55.2% \n \nAverage Hotel Room Rates \n \n$72.15 \n \nDeflated Average Hotel Room Rate \n \n$39.17 \n \nAverage 30-Year Fixed Mortgage Rate \n \n5.74% \n \nAverage 15-Year Fixed Mortgage Rate \n \n5.10% \n \nAverage One-Year Adjustable Mortgage Rate \n \n3.43% \n \n2,178,846 140,698 253,791 167,385 167,600 289,869 118,244 112,209 143,728 354,871 57,430 26,068 39.9 $606.73 $331.36 13,338 157,790 4.7 1.77% \n5,352,000 187,400 4,476 \n$255,299,000 $203,600,000 \n60.1% $75.84 $41.42 5.80% 5.20% 3.50% \n \n2,174,554 141,331 250,216 164,954 167,409 290,475 116,548 113,156 145,545 357,807 56,779 26,470 38.6 $587.95 $323.58 13,175 133,712 4.7 1.74% \n5,655,000 194,787 4,957 \n$163,268,000 $130,500,000 \n55.0% $74.55 $41.03 5.90% 5.28% 3.61% \n \n0.38% -0.15% -1.86% 1.27% -0.53% -0.20% 2.47% 0.09% 0.42% 3.39% 0.87% -1.30% -1.44% -3.74% -4.32% -0.26% 16.95% \n1.31% 2.02% 13.06% 13.80% 13.51% -4.87% -5.44% - \n \n0.20% -0.45% 1.43% 1.47% 0.11% -0.21% 1.46% -0.84% -1.25% -0.82% 1.15% -1.52% 3.55% 3.19% 2.41% 1.24% 18.01% \n-5.36% -3.79% -9.71% 56.37% 56.02% 1.73% 0.95% - \n \n10 Economic Indicators / First Quarter 2003 \n \nGeorgia Department of Labor \n \n MILLIONS \n \nTHOUSANDS \n \nMetro Atlanta \n \n2.24 2.22 \n \n2001-2002 2002-2003 \n \n2.19 \n \n300 2001- 2002 2002- 2003 \n250 \n200 \n \nTHOUSANDS \n \n2.17 \n2.14 \nNonagricultural Employment \n2.12 155 \n150 \n145 \n140 \n135 \nWholesale Employment \n130 \n270 \n \nTHOUSANDS \n \n150 \n100 \nAccommodation and Food Services \n50 300 \n290 \n280 270 \n260 \nManufacturing employment \n250 310 \n \n260 \n \n300 \n \nTHOUSANDS \n \n250 \n \n290 \n \n240 \n \n280 \n \n230 \nRetail Employment \n \n270 \nGovernment Employment \n \n220 \n \n260 \n \nA \n \nM \n \nJ \n \nJ \n \nA \n \nS \n \nO \n \nN \n \nD \n \nJ \n \nF \n \nM \n \nA \n \nM \n \nJ \n \nJ \n \nA \n \nS \n \nO \n \nN \n \nD \n \nJ \n \nF \n \nM \n \nPeriod \n2001 :Q2 Q3 Q4 \n2002 :Q1 Q2 Q3 Q4 \n2003 Jan. Feb. Mar. \n \nNonag \n2,200,741 2,189,656 2,170,232 2,179,602 2,187,850 2,170,072 2,165,678 2,174,554 2,178,846 2,187,205 \n \nWholesale \n142,981 142,935 140,392 142,714 143,538 140,903 140,245 141,331 140,698 140,487 \n \nEmployment \n \nRetail \n254,978 253,176 249,327 247,873 249,841 248,473 247,770 250,216 253,791 249,062 \n \nAccom. \u0026 Food Services \n170,963 168,195 170,810 167,837 172,037 167,944 166,992 164,954 167,385 169,515 \n \nManufacturing \n185,754 180,238 174,470 171,189 173,126 169,593 169,181 167,409 167,600 166,717 \n \nGovernment \n273,275 277,440 278,909 278,665 282,007 286,104 288,326 290,475 289,869 289,299 \n \nTHOUSANDS \n \nGeorgia Department of Labor \n \nEconomic Indicators / First Quarter 2003 11 \n \n THOUSANDS \n \nTHOUSANDS \n \nMetro Atlanta \n132 2001-2002 2002-2003 \n126 \n120 \n114 \n108 \nConstruction Employment \n102 \n140 \n130 \n120 \n110 \n100 \nTransportation, Warehousing \u0026 Utilities Employment \n90 \n155 \n \nTHOUSANDS \n \nTHOUSANDS \n \n400 2001- 2002 2002- 2003 \n380 \n360 \n340 \n320 \nProfessional and Business Services Employment \n300 \n80 \n70 \n60 \n50 \n40 \nHospital Services Employment \n30 \n40 \n \n151 \n \n35 \n \n147 \n \n30 \n \nTHOUSANDS \n \n143 \n \n25 \n \n139 \nFinancial Activities Employment \n \n20 \nSocial Assistance Employment \n \n135 \n \n15 \n \nA \n \nM \n \nJ \n \nJ \n \nA \n \nS \n \nO \n \nN \n \nD \n \nJ \n \nF \n \nM \n \nA \n \nM \n \nJ \n \nJ \n \nA \n \nS \n \nO \n \nN \n \nD \n \nJ \n \nF \n \nM \n \nPeriod \n2001 :Q2 Q3 Q4 \n2002 :Q1 Q2 Q3 Q4 \n2003 Jan. Feb. Mar. \n \nConstruction \n121,628 120,630 119,221 121,539 118,075 116,408 116,369 116,548 118,244 121,165 \n \nTrans, Ware \u0026 Utilities \n121,291 121,417 118,616 115,924 116,827 113,881 111,873 113,156 112,209 112,311 \n \nEmployment \n \nFinancial Activities \n \nProfessional \u0026 Business Services \n \n365,598 363,102 358,915 363,112 365,666 359,489 355,674 357,807 354,871 366,895 \n \n365,598 363,102 358,915 363,112 365,666 359,489 355,674 357,807 354,871 366,895 \n \nHospital Services \n53,185 54,282 54,823 56,012 55,545 55,074 56,032 56,779 57,430 57,928 \n \nSocial Assistance \n24,274 24,810 25,010 24,971 25,311 25,183 25,330 26,470 26,068 25,729 \n \nTHOUSANDS \n \n12 Economic Indicators / First Quarter 2003 \n \nGeorgia Department of Labor \n \n HOURS \n \nDOLLARS \n \nMetro Atlanta \n44.8 2001- 2002 2002- 2003 \n43.0 \n41.3 \n39.5 \n37.8 \nManufacturing Workweek \n36.0 \n$660 \n$630 \n$600 \n$570 \n$540 \nManufacturing Earnings \n$510 \n$450 \n \nTHOUSANDS \n \nTHOUSANDS \n \n25.8 2001-2002 2002-2003 \n21.0 \n16.2 \n11.5 \n6.7 \nInitial Unemployment Claims \n1.9 \n277 \n222 \n166 \n111 \n55 \nContinued Unemployment Claims \n0 \n6.4 \n \n$400 \n \n5.4 \n \nPERCENTAGES \n \n$350 \n \n4.5 \n \n$300 \n \n3.6 \n \n$250 \n \n2.6 \n \nDeflated Manufacturing Earnings \n \nTotal Unemployment Rate \n \n$200 \n \n1.7 \n \nAM J \n \nJ \n \nA \n \nS \n \nO \n \nN \n \nD \n \nJ \n \nFM \n \nA \n \nM \n \nJ \n \nJ \n \nA \n \nS \n \nO \n \nN \n \nD \n \nJ \n \nF \n \nM \n \nDOLLARS \n \nPeriod \n2001 :Q2 Q3 Q4 \n2002 :Q1 Q2 Q3 Q4 \n2003 Jan. Feb. Mar. \n \nWork Week (hrs) \n40.0 41.7 39.8 40.1 40.0 39.0 39.5 38.6 39.9 39.4 \n \nManufacturing \nWeekly Earnings \n$550.39 587.04 585.21 617.37 607.08 592.97 603.96 587.95 606.73 584.01 \n \nDeflated Earnings \n$310.01 330.23 330.14 347.00 337.58 328.33 333.37 323.58 331.36 317.05 \n \nInitial Claims \n11,593 12,560 16,544 13,434 14,878 13,060 13,623 13,175 13,338 13,304 \n \nUnemployment \nContinued Claims \n107,502 126,694 183,017 171,515 186,676 173,034 163,621 133,712 157,790 184,529 \n \nRate \n3.6% 3.8% 4.4% 5.2% 5.9% 5.6% 5.2% 4.7% 4.7% 4.7% \n \nGeorgia Department of Labor \n \nEconomic Indicators / First Quarter 2003 13 \n \n PERCENTAGES \n \nMILLIONS \n \nMetro Atlanta \n2.6 2001- 2002 2002- 2003 \n2.1 \n1.6 \n1.1 \n0.6 \nInsured Unemployment Rate \n0.0 \n7.0 \n6.5 \n6.0 \n5.5 \n5.0 \nMarta Passengers \n4.5 \n224 \n \nMILLIONS \n \nHOUSEHOLD UNITS ( THOUSANDS ) \n \n7.5 6.6 5.8 4.9 4.1 3.2 $645 $518 $391 $264 $137 $10 $431 \n \n2001-2002 2002- 2003 \nResidential Construction 3 \nNonresidential Construction \n \n197 \n \n$346 \n \n171 \n \n$261 \n \nMILLIONS \n \n144 \n \n$176 \n \n117 \nCobb Community Transit Passengers \n \n$91 \nDeflated Nonresidential Construction \n \n91 \n \nA \n \nM \n \nJ \n \nJ \n \nA \n \nS \n \nO \n \nN \n \nD \n \nJ \n \nF \n \nM \n \n$6 \n \nA \n \nM \n \nJ \n \nJ \n \nA \n \nS \n \nO \n \nN \n \nD \n \nJ \n \nF \n \nM \n \nTHOUSANDS \n \nPeriod \n2001 :Q2 Q3 Q4 \n2002 :Q1 Q2 Q3 Q4 \n2003 Jan. Feb. Mar. \n \nInsured Unemployment \nRate 2 \n1.15% 1.50% 1.91% 2.00% 2.04% 1.81% 1.83% 1.74% 1.77% 1.81% \n \nTransit Passengers \n \nMarta 1 \n6,454,000 5,831,900 5,904,600 5,618,800 5,637,400 5,361,200 5,456,900 5,654,800 5,351,600 5,422,500 \n \nCobb Community \n163,759 177,181 187,516 175,120 167,733 178,376 193,958 194,787 187,400 191,194 \n \nConstruction \n \nResidential 3 \n5,555 5,202 5,122 5,181 5,721 5,180 5,442 4,957 4,476 5,060 \n \nNonresidential \n$335,900,000 338,729,000 317,069,000 296,865,000 283,007,000 290,063,000 285,491,000 163,268,000 255,299,000 290,530,000 \n \nDeflated Non-res \n$282,266,667 283,000,000 263,466,667 244,866,667 232,400,000 237,466,667 231,500,000 130,500,000 203,600,000 231,100,000 \n \n1 Data rounded 2 Rate at the end of each quarter, except for monthly rates. \n14 Georgia Department of Labor \n \n3 Household units Economic Indicators / First Quarter 2003 \n \n PERCENTAGES \n \nDOLLARS \n \nMetro Atlanta \n75 2001- 2002 2002- 2003 \n69 \n63 \n \n8.00 2001- 2002 2002- 2003 \n7.40 \n6.80 \n \nPERCENTAGES \n \n56 \n \n6.20 \n \n50 \nHotel Occupancy \n44 \n$89 \n \n5.60 \nAverage 30-Year Fixed Mortgage Rate 1 \n5.00 \n7.60 \n \n$84 \n \n6.98 \n \nPERCENTAGES \n \n$80 \n \n6.36 \n \n$76 \n$71 \nAverage Hotel Room Rates \n$67 $51 \n$49 \n$46 \n \n5.74 \n5.12 \nAverage 15-Year Fixed Mortgage Rate 1 \n4.50 \n7.61 \n6.43 \n5.25 \n \nPERCENTAGES \n \n$43 \n \n4.07 \n \n$40 \n \n$37 \n \nA \n \nM \n \nDeflated Average Hotel Room Rates \n \nJ \n \nJ \n \nA \n \nS \n \nO \n \nN \n \nD \n \nJ \n \n2.89 \n \nAverage One-Year Adjustable Mortgage Rate 1 \n \n1.71 \n \nF \n \nM \n \nA \n \nM \n \nJ \n \nJ \n \nA \n \nS \n \nO \n \nN \n \nD \n \nJ \n \nF \n \nM \n \nDOLLARS \n \nPeriod \n2001 :Q2 Q3 Q4 \n2002 :Q1 Q2 Q3 Q4 \n2003 Jan. Feb. Mar. \n \nOccupancy % \n62.7% 58.3% 58.4% 60.2% 57.8% 57.7% 58.2% 55.0% 60.1% 55.2% \n \n1 Rate does not include points \n \nGeorgia Department of Labor \n \nHotel Data \nRoom Rates \n$80.33 76.20 76.60 77.65 77.55 75.75 77.10 74.55 75.84 72.15 \n \nDeflated Room Rates \n$45.24 42.87 43.21 43.65 43.13 41.94 42.56 41.03 41.42 39.17 \n \n3 0 - Ye a r Fixed 1 \n7.2% 6.8% 7.2% 7.0% 6.6% 6.2% 6.0% 5.9% 5.8% 5.7% \n \nMortgage Rates \n \n1 5 - Ye a r Fixed 1 \n \nO n e - Ye a r Rate Adjustable 1 \n \n6.8% \n \n5.7% \n \n6.4% \n \n5.4% \n \n6.7% \n \n5.3% \n \n6.6% \n \n5.0% \n \n6.1% \n \n4.3% \n \n5.6% \n \n4.2% \n \n5.4% \n \n3.6% \n \n5.3% \n \n3.6% \n \n5.2% \n \n3.5% \n \n5.1% \n \n3.4% \n \nEconomic Indicators / First Quarter 2003 15 \n \n Dear Subscriber to Economic Indicators: \nSeveral new methods for releasing the Economic Indicators publication have been introduced within the last few years. 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Quarterly report, Vol. 9, no. 2 (Second quarter 2003)","collection_id":"dlg_ggpd","collection_title":"Georgia Government Publications","dcterms_contributor":["Georgia. Workforce Information and Analysis."],"dcterms_spatial":["United States, Georgia, 32.75042, -83.50018"],"dcterms_creator":["Georgia. Workforce Information and Analysis"],"dc_date":["2003"],"dcterms_description":["Quarterly","Latest issue consulted: Vol. 9, issue 2 (2nd quarter 2003)","Merger of: Georgia economic indicators. Monthly report, and: Metro Atlanta economic indicators. Monthly report"],"dc_format":["application/pdf"],"dcterms_identifier":null,"dcterms_language":["eng"],"dcterms_publisher":["Atlanta, Ga. : Georgia Dept. of Labor, Workforce Information and Analysis, 2003"],"dc_relation":null,"dc_right":["http://rightsstatements.org/vocab/InC/1.0/"],"dcterms_is_part_of":null,"dcterms_subject":["Georgia--Economic conditions--Statistics--Periodicals","Economic indicators--Georgia--Periodicals"],"dcterms_title":["Georgia-Atlanta economic indicators. Quarterly report, Vol. 9, no. 2 (Second quarter 2003)","Georgia economic indicators. Quarterly report","Quarterly report","Georgia economic indicators. Monthly report","Metro Atlanta economic indicators. Monthly report"],"dcterms_type":["Text"],"dcterms_provenance":["University of Georgia. Map and Government Information Library"],"edm_is_shown_by":["https://dlg.galileo.usg.edu/do:dlg_ggpd_i-ga-bl200-pe46-bp1-be31-b9-s2-belec-p-btext"],"edm_is_shown_at":["https://dlg.galileo.usg.edu/id:dlg_ggpd_i-ga-bl200-pe46-bp1-be31-b9-s2-belec-p-btext"],"dcterms_temporal":null,"dcterms_rights_holder":null,"dcterms_bibliographic_citation":null,"dlg_local_right":null,"dcterms_medium":["reports","state government records"],"dcterms_extent":null,"dlg_subject_personal":null,"iiif_manifest_url_ss":null,"dcterms_subject_fast":null,"fulltext":"Economic \n \nIndicators \n \nA Quarterly Report of Georgia and Metro Atlanta Labor Market and Economic Trends \n \nSecond Quarter 2003 \n \nVolume 9, Issue 2 \n \nGeorgia Department of Labor \nMichael L. Thurmond Commissioner \n \n Georgia-Atlanta Economic Indicators \nQuarterly Report Second Quarter - 2003 \nVolume 9, Issue 2 \n \nCover art: Lucas Theatre, Savannah, Georgia by Huey J. Theus, Mableton, Georgia \nGeorgia Economic Indicators, Quarterly Report, is published by Workforce Information and Analysis, a division of the Georgia Department of Labor, 148 Andrew Young International Boulevard, N.E., Atlanta, Georgia 30303-1751. The telephone number is (404) 232-3875. \nVisit the Georgia Department of Labor web site at www.dol.state.ga.us \n \nGeorgia Department of Labor \nMichael L. Thurmond, Commissioner \n \nEqual Opportunity Employer/Programs - Auxiliary Aids and Services Available Upon Request to Individuals With Disabilities \n \nGeorgia Department of Labor \n \nEconomic Indicators / Second Quarter 2003 \n \n Contents \nHistory ............................................................................................................................................................ 1 Introduction ................................................................................................................................................. 2 U.S. Consumer Price Index ......................................................................................................................... 3 Georgia Index of Economic Indicators ...................................................................................................... 4 Georgia Data Summary ................................................................................................................................ 5 \nEmployment, Manufacturing Wages and Hours .................................................................................... 6 Nonagricultural, Retail, Manufacturing,Workweek, Earnings and Deflated Earnings \nJob Openings, Unemployment Data and Vehicle Sales ........................................................................ 7 Nonagricultural Job Openings Unfilled, Initial/ Continued Unemployment Claims, Unemployment Rate, Insured Unemployment Rate and New Motor Vehicle Sales \nConstruction, New Business and State Revenue ................................................................................... 8 Residential/ Nonresidential Construction, Deflated Nonresidential Construction, New Business Corporations, Total/ Deflated State Revenue \nConsumer Price Index for Atlanta .............................................................................................................. 9 Metro Atlanta Index of Economic Indicators ........................................................................................... 10 Atlanta Data Summary ................................................................................................................................ 11 \nEmployment Data ......................................................................................................................................... 12 Nonagricultural, Wholesale, (Retail Accommodation and Food Services), Manufacturing and Government \nEmloyment Data - Continued ..................................................................................................................... 13 Construction, (Transportation, Warehousing \u0026 Utilities), Financial Activities, Professional and Business Services, Hospital Services and Social Assistance \nManufacturing Workweek, Earnings and Unemployment Data .......................................................... 14 Manufacturing -(Workweek, Earnings and Deflated Earnings), Initial/ Continued Unemployment Claims and Unemployment Rates \nUnemployment Data, Transit and Construction Data ............................................................................ 15 Insured Unemployment Rate, Marta Passengers, Cobb Community Transit Passengers, Residential/ Nonresidential Construction and Deflated Nonresidential Construction \nHotel and Mortgage Rates ......................................................................................................................... 16 Hotel Occupancy, Average Hotel Room Rates, Deflated Average Hotel Room Rates, Average 30-Year/ 15-Year Fixed Mortgage Rates and Average One-Year Adjustable Mortgage Rates \n \n History \nIn 1921, film-distribution pioneer Arthur Lucas opened Savannah's first and only \"movie palace\", to a sold out viewing of the film \"Camille\". Patrons quickly got accustomed to enjoying first-run movie hits, live vaudeville performances, a resident theater company, big bands and visits by Hollywood stars. As the \"vaudeville\" era ended and the movie industry evolved and proliferated, the Lucas was unable to attract an audience. After operating 55 years, the Lucas closed its doors on May 21,1976. \nIn 1987, Savannah residents Emma and Lee Adler established the Lucas Theatre for the Performing Arts as a not-for-profit corporation and launched an ambitious fund-raising campaign to fund an extensive restoration of the theater and the installation of state-of-the-art equipment. The Lucas reopened in December 2000 to provide a variety of community entertainment. \nThe theater's architectural features -- including a 40-foot-wide ceiling dome -- are worthy of the many hours invested in its restoration. From an Italian Renaissance exterior to the ornate Italianate interior, the Lucas sits majestically at the corner of Abercorn and Congress streets on Reynolds Square. The intricately detailed Adam-style plasterwork, Wedgwood inspired colors and gold leaf accents, have all been restored to their original opulence. \nThe Lucas Theatre offers visitors the opportunity to take a glimpse at Savannah's past, while enjoying the best in entertainment. \n \n Introduction \n \nG eorgia Economic Indicators, Quarterly Report, is designed to provide in a single publication data on a \nnumber of indicators used to measure movement of the state's economy. \nOur publication has changed. \nThe Georgia and Metropolitan Altanta Economic Indicator series, previously published as two separate monthly publications, are now published as a single quarterly publication. Additional data series for Georgia's other six metropolitan statistical areas are being developed and will be added to this publication later in the year. Graphs will continue to display data on monthly increments; whereas, companion data tables will display the 3-month average for each series (for 7 quarters) before alternating to a monthly format for the most recent quarter. \nAll data except those contained in the U.S. and Atlanta Consumer Price Index chart on Pages 3 and 9 are seasonally adjusted using the X11 ARIMA method. They are presented in graphic and tabular form along with an analysis. Each series shows movement over a 24-month period. Where appropriate, companion graphs and tables show data that have been deflated by the U.S. Consumer Price Index or the U.S. Construction Price Index. The purpose is to adjust for inflation and show growth in constant dollars. \nHistorical tables and graphs are included in a supplementary Georgia Economic Indicators, Historical Series, published annually. \nWorkforce Information and Analysis welcomes comments, suggestions or questions concerning Georgia Economic Indicators, Quarterly Report and Historical Series. Please address correspondence to Bill Webb, Workforce Information and Analysis, Georgia Department of Labor, 148 Andrew Young International Boulevard, N.E., Atlanta, Georgia 30303-1751. The telephone number is (404) 232-3875. \n \nData Sources \n \nGeorgia Indexes of Leading and Coincident Economic Indicators*, Initial Unemployment Claims, Continuing Unemployment Claims, Insured Unemployment Rate, Nonagricultural Job Openings Unfilled, Weekly Manufacturing Earnings, Manufacturing Workweek and Employment data. -- Georgia Department of Labor \nConsumer Price Index -- U.S. Bureau of Labor Statistics, adapted from commentary by Michael Wald New Motor Vehicles, State Sales and Use Tax Collections and Total Revenue Collections -- Georgia Department of Revenue New Business Corporations -- Georgia Secretary of State Residential Construction and Construction Price Index -- U.S. Department of Commerce Nonresidential Construction -- F.W. Dodge, McGraw-Hill Construction Information Group MARTA Passengers -- Metropolitan Atlanta Rapid Transit System CCT Passengers -- Cobb Community Transit System Hotel Occupancy and Room Rates -- Smith Travel Research, Hendersonville, TN Mortgage Rates -- HSH Associates, Financial Publishers, Butler, NJ \n* Model for Georgia Indexes of Leading and Coincident Economic Indicators developed by Georgia State University's Economic Forecasting Center \n \n2 Economic Indicators / Second Quarter 2003 \n \nGeorgia Department of Labor \n \n Consumer Price Index \n \nChart is not seasonally adjusted \n \nYEAR 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 \n \nJAN \n127.4 134.6 138.1 142.6 146.2 150.3 154.4 159.1 161.6 164.3 168.7 175.1 177.1 181.7 \n \nFEB \n128.0 134.8 138.6 143.1 146.7 150.9 154.9 159.6 161.9 164.5 169.7 175.8 177.8 183.1 \n \nMAR \n128.7 135.0 139.3 143.6 147.2 151.4 155.7 160.0 162.2 165.0 171.1 176.2 178.8 184.2 \n \nAPR \n128.9 135.2 139.5 144.0 147.4 151.9 156.3 160.2 162.5 166.2 171.2 176.9 179.8 183.8 \n \nMAY \n129.2 135.6 139.7 144.2 147.5 152.2 156.6 160.1 162.8 166.2 171.3 177.7 179.8 183.5 \n \nJUN \n129.9 136.0 140.2 144.4 148.0 152.5 156.7 160.3 163.0 166.2 172.3 178.0 179.9 183.7 \n \nJUL \n130.4 136.2 140.5 144.4 148.4 152.5 157.0 160.5 163.2 166.7 172.6 177.5 180.1 \n \nAUG \n131.6 136.6 140.9 144.8 149.0 152.9 157.3 160.8 163.4 167.1 172.8 177.5 180.7 \n \nSEP \n132.7 137.2 141.3 145.1 149.4 153.2 157.8 161.2 163.6 167.9 173.7 178.3 181.0 \n \nOCT \n133.5 137.4 141.9 145.7 149.5 153.7 158.3 161.6 164.0 168.2 174.0 177.7 181.3 \n \nNOV \n133.8 137.8 142.0 145.8 149.7 153.6 158.6 161.5 164.0 168.3 174.1 177.4 181.3 \n \nDEC \n133.8 137.9 141.9 145.8 149.7 153.5 158.6 161.3 163.9 168.3 174.0 176.7 180.9 \n \nAVG \n130.7 136.2 140.3 144.5 148.2 152.4 156.9 160.5 163.0 166.6 172.1 177.1 179.9 \n \nCPI RATE \n6.1% 3.1% 2.9% 2.7% 2.7% 2.5% 3.3% 1.7% 1.6% 2.7% 3.4% 1.6% 2.4% \n \nSource: U.S. Bureau Of Labor Statistics @www.bls.gov \n \nHigher Energy Costs Moves Index Higher \n \nThe Consumer Price Index for All Urban Consumers (CPI-U) increased 0.1 percent in June, before seasonal adjustment, as reported by the Bureau of Labor Statistics of the U.S. Department of Labor. The June level of 183.7 (1982-84=100) was 2.1 percent higher than its level in June 2002. \nOn a seasonally adjusted basis, the CPI-U rose 0.2 percent in June, after registering no change in May. Energy costs, which declined substanially in April and May after recording sharp increases in each of the first three months of the year, increased 0.8 percent in June. The index for all items less food and energy, which increased 0.3 percent in May, was unchanged in June. Most of the deceleration was attributable to the shelter index, which was virtually unchanged in June after advancing 0.6 percent in May. \nConsumer prices decreased at a seasonally adjusted annual rate (SAAR) of 0.7 percent in the second quarter after advancing at a 5.2 percent rate in the first three months of 2003. This brings the year-to-date \n \nannual rate to 2.2 percent and compares with an increase of 2.4 percent in all of 2002. \nThe index for energy, which advanced at a 76.5 percent SAAR in the first quarter of 2003, turned down in the second quarter, decreasing at a 24.5 percent SAAR, bringing the yearto-date annual rate to 15.4 percent. In the first half of 2003, petroleum-based energy costs increased at an 11.9 percent annual rate and charges for energy services increased at a 19.0 percent annual rate. \nThe CPI-U excluding food and energy advanced at a 1.0 percent SAAR in the second quarter, following an increase at a 0.8 percent rate in the first three months of 2003. The advance at a 0.9 percent SAAR for the first half of the 2003 compares with a 1.9 percent rise in all of 2002. Smaller increases in the indexes for shelter and medical care, coupled with a larger decrease in the index apparel, were responsible for the deceleration. \nThe index for housing increased 0.1 percent in June. Shelter costs, which increased 0.6 percent in May, were \n \nvirtually unchanged in June. The index for fuels and utilities rose 0.4 percent in June. For the 12 months ended in June, charges for natural gas have risen 28.3 percent, fuel oil prices, 17.5 percent, and charges for electricity, 3.2 percent. \nThe transportation index increased 0.3 percent in June after declining in April and May. The index for gasoline, which declined sharply in April and May, turned back up in June, advancing 1.3 percent. The index for public transportation advanced 0.7 percent in June, reflecting an increase in airline fares. Airline fares increased for the fifth consecutive month ( up 2.0 percent in June) and are at virtually the same level as in June 2002. \nThe index for apparel rose 0.4 percent in June, its first increase \nsince August 2002. Medical care \ncosts rose 0.3 percent in June to a \nlevel 4.1 percent higher than a \nyear ago. \n \nGeorgia Department of Labor \n \nEconomic Indicators / Second Quarter 2003 3 \n \n Georgia Index of Economic Indicators \n208 \nLeading indicators Coincident indicators \n181 \n \n154 \n \n128 \n \n101 \n1990 = 100 \n \n74 1996 \n \n1997 \n \n1998 \n \n1999 \n \n2000 \n \n2001 \n \n2002 \n \n2003 \n \nGeorgia's Leading Economic Indicator Shows Positive Signals \n \nNote: All indicators are seasonally adjusted. \n*** As the economy passes the midyear point, signs of stabilization reverberate through the state's economy raising the possibility of a second-half rebound. The Georgia's Department of Labor's Index of Leading Economic Indicators (LEI) turned upward in the second quarter, with three months of consecutive gains. The index started at 175.5 in April posting a modest gain of 0.2 percent. Then in May, the index increased to 175.9, another 0.2 percent increase. In June the index ended the quarter at 177.5, a moderate increase of 0.9 percent. The second quarter didn't have any record breaking individual months, but cumulatively the index posted it's best second quarter reading in the past two years. \n \nResidential construction, which is expected to slow as interest rates rise, increased 11.8 percent in June, after declining 15.0 percent in May. We are finally starting to see some relief in initial jobless claims (down 8.9 percent in June) after peaking in May. The manufacturing workweek increased slightly to 40.8 hours in June. Sales of new motor vehicles, new business filings and nonresidential construction all took a dip in June. \nThe Coincident Economic Indicator (CEI) had a more volatile reading in the second quarter then the LEI. The index increased slightly to 169.2 in April then moved ahead to 171.1 in May (up 1.1 percent), then stumbled back to 170.7 (a 0.2 percent decline) in June. \n \nUnemployment increased to 5.4 percent and state revenues declined in June after increasing dramatically in May. Non-farm employment increased for the fourth consecutive month; however, retail employment remains sluggish. \nThe economy is looking modestly better. However, until all of this good news translates into more jobs the verdict is still out. \nThe Leading Index reflects activity that will impact the economy for a duration of three to six months into the future. Coincident indicators measure current conditions. \n \n4 Economic Indicators / Second Quarter 2003 \n \nGeorgia Department of Labor \n \n Georgia \nNonagricultural Employment change from previous month \nRetail Employment change from previous month \nManufacturing Employment change from previous month \nManufacturing Workweek (hours) change from previous month \nWeekly Manufacturing Earnings change from previous month \nNonagricultural Job Openings Unfilled change from previous month \nInitial Unemployment Claims change from previous month \nContinued Unemployment Claims change from previous month \nUnemployment rate (not seasonally adjusted) change from previous month \nInsured Unemployment Rate change from previous month \nNew Motor Vehicle Sales change from previous month \nResidential Construction (building permits) change from previous month \nNonresidential Construction ( dollar value) change from previous month \nNew Business Corporations change from previous month \nTotal State Revenues ( in millions ) change from previous month \nDeflated State Revenues ( in millions ) change from previous month \nGeorgia Department of Labor \n \nJune 2003 3,925,474 0.03% \n457,535 -0.50% \n445,131 -0.50% \n40.8 0.71% \n$578.53 -0.36% \n12,866 7.10% \n56,465 -8.99% \n390,175 21.59% \n5.4% - - \n2.03% - - \n35,551 -11.40% \n7,054 11.87% \n$405,824,522 -13.14% \n5,191 -18.47% \n$1,072,549,487 -21.15% \n583,859,600 -21.23% \n \nMay 2003 3,924,271 0.24% \n459,829 -0.23% \n447,389 -0.43% \n40.5 0.42% \n$580.63 3.52% \n12,013 19.31% \n62,040 7.29% \n320,893 14.00% \n4.6% - - \n2.15% - - \n40,127 -14.84% \n6,305 -15.04% \n$467,201,563 44.42% \n6,367 11.47% \n$1,360,187,810 54.27% \n741,248,000 54.52% \n \nApril 2003 3,914,795 \n- - \n460,883 - - \n449,306 - - \n40.3 - - \n$560.89 - - \n10,069 - - \n57,827 - - \n281,476 - - \n4.4% - - \n1.92% - - \n47,116 - - \n7,421 - - \n$323,512,952 - - \n5,712 - - \n$881,700,618 - - \n479,706,200 - - \n \nEconomic Indicators / Second Quarter 2003 5 \n \n MILLIONS \n \nTHOUSANDS \n \nGEORGIA \n \n4.02 \n \n2001- 2002 2002- 2003 \n \n3.98 \n \n44.2 2001-2002 2002-2003 \n42.7 \n \n3.93 \n \n41.3 \n \nHOURS \n \n3.89 \n \n39.8 \n \n3.84 \nNonagricultural Employment \n3.80 \n500 \n480 \n460 \n \n38.4 \nManufacturing Workweek \n36.9 $610 \n$580 \n$550 \n \nDOLLARS \n \n440 \n \n$520 \n \n420 \nRetail Employment \n400 \n550 \n \n$490 \nAverage Weekly Manufacturing Earnings \n$460 \n$340 \n \n520 \n \n$325 \n \n490 \n \n$310 \n \nDOLLARS \n \n460 \n \n$295 \n \n430 \n \n$280 \n \nManufacturing Employment \n \nDeflated Average Weekly Manufacturing Earnings \n \n400 \n \n$265 \n \nJ \n \nA \n \nS \n \nO \n \nN \n \nD \n \nJ \n \nF \n \nM \n \nA \n \nM \n \nJ \n \nJ \n \nA \n \nS \n \nO \n \nN \n \nD \n \nJ \n \nF \n \nM \n \nA \n \nM \n \nJ \n \nEmployment \n \n2001: Q3 Q4 \n2002: Q1 Q2 Q3 Q4 \n2003: Q1 Apr. May Jun. \n \nNonag \n3,932,362 3,904,177 3,917,900 3,907,837 3,900,149 3,897,861 3,909,766 3,914,795 3,924,271 3,925,474 \n \nRetail \n458,481 453,450 453,237 456,186 453,215 454,103 461,004 460,883 459,829 457,535 \n \nMfg. \n490,195 478,563 471,521 472,759 473,759 469,658 461,490 449,306 447,389 445,131 \n \nAll graphs contain monthly data and are seasonally adjusted, except where noted. \n \nManufacturing \n \nAvg. Work Week \n \nWeekly Earnings \n \n41.2 \n \n$525.03 \n \n40.3 \n \n516.67 \n \n41.1 \n \n549.23 \n \n41.1 \n \n545.70 \n \n40.7 \n \n534.06 \n \n40.7 \n \n560.83 \n \n40.6 \n \n564.46 \n \n40.3 \n \n560.89 \n \n40.5 \n \n580.63 \n \n40.8 \n \n578.53 \n \nDeflated Wkly Earnings \n$295.35 291.47 308.73 303.45 295.71 309.57 308.44 305.17 316.42 314.93 \n \nTHOUSANDS \n \n6 Economic Indicators / Second Quarter 2003 \n \nGeorgia Department of Labor \n \n THOUSANDS \n \nTHOUSANDS \n \nGEORGIA \n19.7 2001- 2002 2002- 2003 \n16.2 \n12.7 \n9.2 \n5.7 \nNonagricultural Job Openings Unfilled \n2.2 \n99.6 \n80.9 \n \nPERCENTAGES \n \n6.3 2001- 2002 2002- 2003 \n5.7 \n5.2 \n4.6 \n4.1 \nUnemployment Rate \n3.5 \n3.26 \n2.76 \n \nPERCENTAGES \n \n62.1 \n \n2.26 \n \n43.4 \n \n1.76 \n \n24.6 \nInitial Unemployment Claims \n5.9 \n550 \n \n1.26 \nInsured Unemployment Rate \n0.76 \n63 \n \n450 \n \n56 \n \nTHOUSANDS \n \n350 \n \n50 \n \n250 \n \n43 \n \n150 \n \n37 \n \nContinued Unemployment Claims \n \nNew Motor Vehicle Sales \n \n50 \n \n30 \n \nJ \n \nA \n \nS \n \nO \n \nN \n \nD \n \nJ \n \nF \n \nM \n \nA \n \nM \n \nJ \n \nJ \n \nA \n \nS \n \nO \n \nN \n \nD \n \nJ \n \nF \n \nM \n \nA \n \nM \n \nJ \n \n2001: Q3 Q4 \n2002: Q1 Q2 Q3 Q4 \n2003: Q1 Apr. May Jun. \n \nJob Openings \n8,287 7,624 9,214 9,697 10,246 10,690 11,486 10,069 12,013 12,866 \n \nInitial Claims \n53,592 61,024 46,376 49,953 44,835 50,556 49,032 57,827 62,040 56,465 \n \n1 Rate at the end of each quarter, except for monthly rates. \n \nUnemployment \n \nContinued Claims \n277,203 \n \nRate 1 \n4.2% \n \n348,012 \n \n4.5% \n \n309,885 \n \n5.1% \n \n342,513 \n \n5.7% \n \n321,650 \n \n5.4% \n \n303,933 \n \n5.1% \n \n299,701 \n \n4.7% \n \n281,476 \n \n4.4% \n \n320,893 \n \n4.6% \n \n390,175 \n \n5.4% \n \nInsured 1 \n1.73% 2.09% 2.06% 1.94% 1.96% 2.19% 1.99% 1.92% 2.15% 2.03% \n \nNew Motor Vehicle Sales \n47,677 47,801 46,658 43,752 47,308 42,452 45,229 47,116 40,127 35,551 \n \nTHOUSANDS \n \nGeorgia Department of Labor \n \nEconomic Indicators / Second Quarter 2003 \n \n7 \n \n HOUSEHOLD UNITS \n \nMILLIONS \n \nGEORGIA \n \n10,277 9,388 \n \n2001-2002 2002-2003 \n \n7,123 6,068 \n \n2001- 2002 2002- 2003 \n \nCHARTERS \n \n8,499 \n \n5,014 \n \n7,609 6,720 5,831 $810 $672 $534 $396 \n \nResidential Construction \n \nMILLIONS \n \n3,959 2,905 1,850 $1,683 $1,466 $1,250 $1,033 \n \nNew Business Corporations \n \n$258 \n \n$817 \n \nNonresidential Construction \n \n$120 \n \n$600 \n \n$675 \n \n$940 \n \nTotal State Revenue \n \n$550 \n \n$823 \n \n$425 \n \n$706 \n \nMILLIONS \n \n$300 \n \n$589 \n \n$175 \n$50 J \n \n$472 \n \nDeflated Nonresidential Construction \n \n$355 \n \nA \n \nS \n \nO \n \nN \n \nD \n \nJ \n \nF \n \nM \n \nA \n \nM \n \nJ \n \nJ \n \nDeflated Total State Revenue \n \nA \n \nS \n \nO \n \nN \n \nD \n \nJ \n \nF \n \nM \n \nA \n \nM \n \nJ \n \nMILLIONS \n \nConstruction Residential 2 Non-residential 1 Deflated non-res 1 \n \n2001: Q3 \n \n7,639 \n \nQ4 \n \n7,428 \n \n2002: Q1 \n \n7,794 \n \nQ2 \n \n8,400 \n \nQ3 \n \n7,861 \n \nQ4 \n \n7,970 \n \n2003: Q1 \n \n7,350 \n \nApr. \n \n7,421 \n \nMay \n \n6,305 \n \nJun. \n \n7,054 \n \n1 Data rounded \n \n2 Household units 3 Includes limited liability companies \n \n$496,546,000 499,825,000 441,608,000 448,637,000 436,092,000 492,563,000 408,989,000 323,513,000 467,202,000 405,825,000 \n \n$403,695,900 402,111,800 356,710,800 362,193,500 351,592,600 391,337,100 318,858,400 251,174,700 363,864,500 315,817,100 \n \n8 Economic Indicators / Second Quarter 2003 \n \nNew Business Corporations 3 \n4,846 3,645 5,236 4,785 5,180 5,186 4,950 5,712 6,367 5,191 \n \nTotal State Revenue 1 Deflated Rev. 1 \n \n$1,098,360,000 1,089,340,000 1,040,070,000 1,131,250,000 1,004,900,000 1,073,530,000 1,037,440,000 \n881,700,000 1,360,190,000 1,072,550,000 \n \n$617,866,100 614,520,500 584,637,400 629,054,700 556,423,000 592,564,900 566,907,100 479,706,200 741,248,000 583,859,600 \n \nGeorgia Department of Labor \n \n Consumer Price Index for Atlanta \n \nYEAR JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC Rate \n \n1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 \n \n76.4 87.2 92.8 97.9 102.6 107.0 111.7 \n159.5 161.9 167.4 175.3 176.1 180.7 \n \n78.0 88.2 92.9 98.7 103.2 107.6 111.1 \n160.8 164.0 169.8 176.6 178.6 182.1 \n \n80.3 89.3 96.5 100.2 104.1 108.8 112.2 115.5 119.1 124.9 130.8 135.5 138.6 142.2 146.7 150.3 154.7 158.3 162.0 164.8 170.9 177.8 179.1 181.5 \n \n81.7 91.6 98.0 100.8 104.8 109.9 112.4 \n161.9 165.9 172.1 176.9 179.7 \n \n83.0 93.3 98.8 100.9 105.4 110.4 112.7 \n162.0 166.5 171.9 176.7 179.4 \n \n85.7 93.6 98.2 101.9 105.5 111.2 113.5 117.5 121.7 127.3 132.6 136.2 138.5 144.7 146.7 151.5 157.2 159.5 161.6 167.0 171.9 174.8 177.3 \n \n15.8% 9.2% 4.9% 3.8% 3.5% 5.4% 2.1% 3.8% 3.3% 4.7% 4.4% 3.2% 1.9% 3.5% 2.3% 2.9% 3.4% 1.9% 1.4% 3.3% 2.9% 1.7% 1.4% \n \nSource: U.S. Bureau of Labor Statistics @ www.bls.gov \n \nThe CPI for Atlanta Declines 0.3 percent \n \nThe Consumer Price Index for All Urban Consumers (CPI-U) for Atlanta decreased 0.3 percent over the two months ending in June to a level of 181.5 (1982-84=100), not seasonally adjusted, as reported by the Bureau of Labor Statistics of the U.S. Department of Labor. For the 12-months ending in June, the CPIU for Atlanta increased 1.3 percent. \nOver the two months, lower costs for apparel and transportation accounted for almost all of the decrease in the all items index. Energy costs advanced 1.6 percent after rising 4.2 percent in April. Excluding food and energy, the CPIU for Atlanta dropped 0.5 percent since April. \nThe index for housing increased 0.7 percent over the two months. Shelter costs decreased 0.5 percent. Since April, the index for fuel and \nGeorgia Department of Labor \n \nFollowing is the formula for figuring \n \nConsumer Price Index changes from one \n \npoint in time to another. \n \nIndex point change \n \nCPI \n \n112.5 \n \nLess previous index \n \n108.5 \n \nEquals index point change \n \n4.0 \n \nPercentage change \n \nIndex point difference \n \n4.0 \n \nDivide by the previous index 108.5 \n \nEquals \n \n0.037 \n \nResults multiplied by 100 0.037x100 \n \nEquals percent change \n \n3.7% \n \nutilities advanced 6.1 percent. Over the year, housing costs rose 1.5 percent primarily due to rising costs of fuels and utilities (7.6 percent). Utility natural gas service accounted for all of that increase, rising 26.6 percent over the past 12 months. \n \nElectricity costs declined 0.1 percent for that same time period. \nApparel costs dropped 7.8 percent in the two months ending in June. Over the past 12 months, apparel costs in Atlanta have decreased 5.5 percent. \nThe transportation index decreased 1.2 percent in the MayJune pricing period. The index for gasoline dropped 6.7 percent over the two months accounting for all of the decrease in the transportation index. Over the first six months of 2003, gasoline costs in the Atlanta area have risen 11.9 percent. Over the year, transportation costs have risen 2.3 percent, as gasoline costs climbed 7.3 percent. \nThe medical care index recorded \na 0.1 percent decrease over two \nmonths. Over the past year, medical \ncare costs have risen 7.9 percent. \n \nEconomic Indicators / Second Quarter 2003 9 \n \n Metro Atlanta Index of Economic Indicators \n184.9 \nLeading indicators Coincident indicators \n165.6 \n \n146.3 \n \n127.1 \n \n107.8 \n1995-96 = 100 \n \n88.5 \n \n96 \n \n97 \n \n98 \n \n99 \n \n00 \n \n01 \n \n02 \n \n03 \n \n04 \n \nPossible Turnaround In The Making \n \nNote: All indicators are seasonally adjusted. \n \n*** \n \nWith half of the year behind us and a little wind in our economic sails, a jet stream leading to the land of economic recovery could very well be around the corner. The economy has entered the third quarter with a rash of positive economic signs, which could indeed turn the economic tides. \nThe Leading Economic Indicators (LEI) for Metropolitan Atlanta started the second quarter in negative territory, down 0.7 percent in April, anchoring the index at 169.6. In May, with a 0.2 percent increase, the index inched forward to 170.1. The index came in stronger than expected in June, posting a 1.9 percent increase, pushing the LEI up to 173.3. \nEmployment continues to increase by posting moderate gains throughout the first half of the year. \n \nNonagricultural employment has increased six consecutive months for the first time since the recession officially started in March 2001. Higher employment numbers translated into fewer initial jobless claims, down in May and June, 4.8 and 2.5 percent, respectively. \nResidential construction managed to post two increases in the April to June quarter, despite concerns of rising interest rates and slower home sales in the future. Commercial construction continues to fluctuate as the market works off excess capacity. \nThe Coincident Economic Indicator, which measures current economic conditions, declined 0.5 percent in April to 163.5 and then fell again in May to 163.0 (down 0.3 \n \npercent) before rebounding 1.7 percent in June to 165.8. Discount driven consumers, soft demand and increased competition are forcing big box retailers to evaluate their operations. Retailers are discounting items, restructuring operations or even pulling out of the metro area. Retail employment inched up 0.2 percent in June after slipping in April and May. Unemployment in the metro area hit 5.5 percent (before seasonal adjustments), up slightly from the previous month. \nThe next two quarters will determine the fate of this more than two year voyage. Any unexpected high winds or waves could throw this economic recovery off course, again. \n \n10 Economic Indicators / Second Quarter 2003 \n \nGeorgia Department of Labor \n \n Metro Atlanta \n \nJun-2003 \n \nMay-2003 \n \nPercent Percent \n \nChange Change \n \nMay-2003 Apr-2003 \n \nto \n \nto \n \nApr-2003 Jun-2003 May-2003 \n \nNonagricultural Employment \n \n2,199,327 \n \nWholesale Employment \n \n133,991 \n \nRetail Employment \n \n248,666 \n \nAccommodation and Food Services Employment \n \n175,670 \n \nManufacturing Employment \n \n161,123 \n \nGovernment Employment \n \n285,914 \n \nConstruction Employment \n \n120,260 \n \nTrans., Warehousing and Utilities Employment \n \n108,792 \n \nFinancial Activities Employment \n \n145,111 \n \nProfessional and Business Services Employment \n \n381,563 \n \nHospital Services Employment \n \n57,836 \n \nSocial Assistance Employment \n \n23,368 \n \nManufacturing Workweek \n \n39.0 \n \nManufacturing Earnings \n \n$591.53 \n \nDeflated Manufacturing Earnings \n \n$322.01 \n \nInitial Unemployment Claims \n \n15,044 \n \nContinued Unemployment Claims \n \n207,363 \n \nTotal Unemployment Rate ( not seasonally adjusted ) \n \n5.5 \n \nInsured Unemployment Rate \n \n1.93% \n \nMARTA Passengers \n \n5,698,000 \n \nCobb County Transit Passengers \n \n195,976 \n \nResidential Construction (household units) \n \n4,710 \n \nNonresidential Construction (value) \n \n$261,636,000 \n \nDeflated Nonresidential Construction \n \n$203,600,000 \n \nHotel Occupancy \n \n56.6% \n \nAverage Hotel Room Rates \n \n$74.77 \n \nDeflated Average Hotel Room Rate \n \n$40.70 \n \nAverage 30-Year Fixed Mortgage Rate \n \n5.22% \n \nAverage 15-Year Fixed Mortgage Rate \n \n4.61% \n \nAverage One-Year Adjustable Mortgage Rate \n \n3.18% \n \n2,196,892 134,937 248,177 173,001 164,135 286,787 121,867 107,721 144,517 376,956 57,962 26,021 37.9 $584.23 $318.38 15,431 167,940 4.8 1.96% \n5,252,000 180,012 4,256 \n$291,629,000 $227,100,000 \n55.8% $69.84 $38.06 5.44% 4.86% 3.31% \n \n2,188,862 136,565 249,137 171,096 166,403 289,309 119,760 108,727 143,738 369,471 57,613 25,255 39.1 $589.73 $320.86 16,218 159,916 4.6 1.86% \n5,761,000 194,840 4,902 \n$198,184,000 $153,900,000 \n53.5% $71.87 $39.10 5.74% 5.08% 3.47% \n \n0.11% -0.70% 0.20% 1.54% -1.83% -0.30% -1.32% 0.99% 0.41% 1.22% -0.22% -10.19% 2.87% 1.25% 1.14% -2.51% 23.47% \n8.49% 8.87% 10.66% -10.28% -10.35% 7.05% 6.94% - \n \n0.37% -1.19% -0.39% 1.11% -1.36% -0.87% 1.76% -0.93% 0.54% 2.03% 0.61% 3.03% -3.06% -0.93% -0.77% -4.85% 5.02% \n-8.84% -7.61% -13.18% 47.15% 47.56% -2.82% -2.66% - \n \nGeorgia Department of Labor \n \nEconomic Indicators / Second Quarter 2003 11 \n \n MILLIONS \n \nTHOUSANDS \n \nMetro Atlanta \n \n2.24 2.22 \n \n2001-2002 2002-2003 \n \n2.19 \n \n2.17 \n2.14 \nNonagricultural Employment \n2.12 \n \n150 \n \n145 140 \n \n135 130 \nWholesale Employment \n125 270 \n \n260 \n \nTHOUSANDS \n \nTHOUSANDS \n \n300 2001- 2002 2002- 2003 \n250 \n \n200 \n150 \n100 \nAccommodation and Food Services \n50 \n \n220 \n \n200 \n \n180 \n \n160 \n \n140 \n \nManufacturing Employment \n \n120 \n \n310 \n \n300 \n \nTHOUSANDS \n \n250 \n \n290 \n \n240 \n \n280 \n \n230 \nRetail Employment \n \n270 \nGovernment Employment \n \n220 J \n \nA \n \nS \n \nO \n \nN \n \nD \n \nJ \n \nF \n \nM \n \nA \n \nM \n \nJ \n \n260 \n \nJ \n \nA \n \nS \n \nO \n \nN \n \nD \n \nJ \n \nF \n \nM \n \nA \n \nM \n \nJ \n \nTHOUSANDS \n \nPeriod \n2001 :Q3 Q4 \n2002 :Q1 Q2 Q3 Q4 \n2003 :Q1 Apr May Jun \n \nNonag \n2,189,656 2,170,232 2,179,602 2,187,850 2,170,072 2,165,678 2,179,868 2,188,862 2,196,892 2,199,327 \n \nWholesale \n142,935 140,392 142,714 143,538 140,903 140,245 140,839 136,565 134,937 133,991 \n \nEmployment \n \nRetail \n \nAccom. \u0026 Food Services \n \n253,176 249,327 247,873 249,841 248,473 247,770 250,854 249,137 248,177 248,666 \n \n168,195 170,810 167,837 172,037 167,944 166,992 167,285 171,096 173,001 175,670 \n \nManufacturing \n180,238 174,470 171,189 173,126 169,593 169,181 167,983 166,403 164,135 161,123 \n \nGovernment \n277,440 278,909 278,665 282,007 286,104 288,326 290,146 289,309 286,787 285,914 \n \n12 Economic Indicators / Second Quarter 2003 \n \nGeorgia Department of Labor \n \n THOUSANDS \n \nTHOUSANDS \n \nMetro Atlanta \n132 2001- 2002 2002- 2003 \n126 \n120 \n114 \n108 \nConstruction Employment \n102 \n140 \n130 \n120 \n110 \n100 \nTransportation, Warehousing \u0026 Utilities Employment \n90 \n155 \n \nTHOUSANDS \n \nTHOUSANDS \n \n400 2001- 2002 2002- 2003 \n380 \n360 \n340 \n320 \nProfessional and Business Services Employment \n300 \n80 \n70 \n60 \n50 \n40 \nHospital Services Employment \n30 \n40 \n \n151 \n \n35 \n \n147 \n \n30 \n \nTHOUSANDS \n \n143 \n \n25 \n \n139 \nFinancial Activities Employment \n \n20 \nSocial Assistance Employment \n \n135 \n \n15 \n \nJ \n \nA \n \nS \n \nO \n \nN \n \nD \n \nJ \n \nF \n \nM \n \nA \n \nM \n \nJ \n \nJ \n \nA \n \nS \n \nO \n \nN \n \nD \n \nJ \n \nF \n \nM \n \nA \n \nM \n \nJ \n \nPeriod \n2001 :Q3 Q4 \n2002 :Q1 Q2 Q3 Q4 \n2003 :Q1 Apr May Jun \n \nConstruction \n120,630 119,221 121,539 118,075 116,408 116,369 118,618 119,760 121,867 120,260 \n \nTrans, Ware \u0026 Utilities \n121,417 118,616 115,924 116,827 113,881 111,873 112,559 108,727 107,721 108,792 \n \nEmployment \n \nFinancial Activities \n \nProfessional \u0026 Business Services \n \n144,997 145,574 148,163 146,444 145,135 145,488 144,536 143,738 144,517 145,111 \n \n363,102 358,915 363,112 365,666 359,489 355,674 359,355 369,471 376,956 381,563 \n \nHospital Services \n54,282 54,823 56,012 55,545 55,074 56,032 57,246 57,613 57,962 57,836 \n \nSocial Assistance \n24,810 25,010 24,971 25,311 25,183 25,330 26,089 25,255 26,021 23,368 \n \nTHOUSANDS \n \nGeorgia Department of Labor \n \nEconomic Indicators / Second Quarter 2003 13 \n \n HOURS \n \nDOLLARS \n \nMetro Atlanta \n \n44. 0 42. 5 \n \n2001-2002 2002-2003 \n \n41. 0 39. 5 \n \n38. 0 \nManufacturing Workweek \n36. 5 \n$ 675 \n \n$ 645 \n \n$ 615 \n \n$ 585 \n \n$ 555 \nManufacturing Earnings \n$ 525 \n475 \n \nTHOUSANDS \n \nTHOUSANDS \n \n26. 9 2001-2002 2002-2003 \n21. 9 \n16. 9 \n11. 9 \n6. 9 \nInitial Unemployment Claims \n1. 9 275 \n225 \n175 \n125 \n75 \nContinued Unemployment Claims \n25 \n6.5 \n \n420 \n \n5.7 \n \nPERCENTAGES \n \n365 \n \n4.9 \n \n310 \n \n4.1 \n \n255 \nDeflated Manufacturing Earnings \n \n200 \n \nJ \n \nA \n \nS \n \nO \n \nN \n \nD \n \nJ \n \nF \n \nM \n \nA \n \nM \n \nJ \n \n3.3 \nUnemployment Rate \n \n2.5 \n \nJ \n \nA \n \nS \n \nO \n \nN \n \nD \n \nJ \n \nF \n \nM \n \nA \n \nM \n \nJ \n \nDOLLARS \n \nPeriod \n2001 :Q3 Q4 \n2002 :Q1 Q2 Q3 Q4 \n2003 :Q1 Apr May Jun \n \nWork Week (hrs) \n41.7 39.8 40.1 40.0 39.0 39.5 39.3 39.1 37.9 39.0 \n \nManufacturing \nWeekly Earnings \n$587.04 585.21 617.37 607.08 592.97 603.96 595.25 589.73 584.23 591.53 \n \nDeflated Earnings \n$330.23 330.14 347.00 337.58 328.33 333.37 325.28 320.86 318.38 322.01 \n \n14 Economic Indicators / Second Quarter 2003 \n \nInitial Claims \n12,560 16,544 13,434 14,878 13,060 13,623 13,272 16,218 15,431 15,044 \n \nUnemployment \nContinued Claims \n126,694 183,017 171,515 186,676 173,034 163,621 158,677 159,916 167,940 207,363 \n \nRate \n3.8% 4.4% 5.2% 5.9% 5.6% 5.2% 4.7% 4.6% 4.8% 5.5% \n \nGeorgia Department of Labor \n \n PERCENTAGES \n \nMILLIONS \n \nMetro Atlanta \n2.9 2001- 2002 2002- 2003 \n2.5 \n \n7.5 2001- 2002 2002-2003 \n6.6 \n \nHOUSEHOLD UNITS ( THOUSANDS ) \n \n2.1 \n \n5.8 \n \n1.7 \n \n4.9 \n \n1.3 \nInsured Unemployment Rate \n0.9 7.0 \n6.5 \n6.0 \n5.5 \n5.0 \nMARTA Passengers \n4.5 \n245 \n \nMILLIONS \n \n4.1 3.2 $600 $480 $360 $240 $120 $0 $431 \n \nResidential Construction Nonresidential Construction \n \n221 \n \n$346 \n \n197 \n \n$261 \n \nMILLIONS \n \n173 \n \n$176 \n \n149 \nCobb Community Transit Passengers \n \n$91 \nDeflated Nonresidential Construction \n \n125 J \n \nA \n \nS \n \nO \n \nN \n \nD \n \nJ \n \nF \n \nM \n \nA \n \nM \n \nJ \n \n$6 \n \nJ \n \nA \n \nS \n \nO \n \nN \n \nD \n \nJ \n \nF \n \nM \n \nA \n \nM \n \nJ \n \nTHOUSANDS \n \nPeriod \n2001 :Q3 Q4 \n2002 :Q1 Q2 Q3 Q4 \n2003 :Q1 Apr May Jun \n \nInsured Unemployment \nRate 2 \n1.70% 1.95% 2.06% 1.96% 1.83% 1.84% 1.81% 1.86% 1.96% 1.93% \n \nTransit Passengers \n \nMARTA 1 \n5,831,900 5,904,600 5,618,800 5,637,400 5,361,200 5,456,900 5,476,300 5,761,400 5,252,200 5,697,700 \n \nCobb Community \n177,181 187,516 175,120 167,733 178,376 193,958 191,127 194,840 180,012 195,976 \n \nConstruction \n \nResidential 3 \n5,202 5,122 5,181 5,721 5,180 5,442 4,831 4,902 4,256 4,710 \n \nNonresidential \n$338,729,000 317,069,000 296,865,000 283,007,000 290,063,000 285,491,000 236,366,000 198,184,000 291,629,000 261,636,000 \n \nDeflated Non-res \n$275,533,333 255,000,000 239,766,667 228,500,000 233,766,667 226,833,333 184,166,667 153,900,000 227,100,000 203,600,000 \n \n1 Data rounded 2 Rate at the end of each quarter, except for monthly rates. \nGeorgia Department of Labor \n \n3 Household units Economic Indicators / Second Quarter 2003 15 \n \n PERCENTAGES \n \nDOLLARS \n \nMetro Atlanta \n75 2001- 2002 2002- 2003 \n69 \n \n7.50 2001- 2002 2002- 2003 \n6.90 \n \nPERCENTAGES \n \n63 \n \n6.30 \n \n56 \n \n5.70 \n \n50 \nHotel Occupancy \n44 $87 \n$82 \n$78 \n$74 \n$69 \nAverage Hotel Room Rates \n$65 \n$49 \n \nPERCENTAGES \n \n5.10 \nAverage 30-Year Fixed Mortgage Rates \n4.50 \n7.10 \n6.48 \n5.86 \n5.24 \n4.62 \nAverage 15-Year Fixed Mortgage Rates \n4.00 \n7.61 \n \n$47 \n \n6.43 \n \nPERCENTAGES \n \n$44 \n \n5.25 \n \n$41 \n \n4.07 \n \n$38 \n \n2.89 \n \nDeflated Average Hotel Room Rates \n \nAverage One-Year Adjustable Mortgage Rates \n \n$35 \n \n1.71 \n \nJ \n \nA \n \nS \n \nO \n \nN \n \nD \n \nJ \n \nF \n \nM \n \nA \n \nM \n \nJ \n \nJ \n \nA \n \nS \n \nO \n \nN \n \nD \n \nJ \n \nF \n \nM \n \nA \n \nM \n \nJ \n \nDOLLARS \n \nHotel Data \n \nPeriod \n \nOccupancy % \n \nRoom Rates \n \nDeflated Room Rates \n \n3 0 - Ye a r Fixed 1 \n \n2001 :Q3 Q4 \n2002 :Q1 Q2 Q3 Q4 \n2003 :Q1 Apr \n*May Jun \n \n58.3% 58.4% 60.2% 57.8% 57.7% 58.2% 56.8% 53.5% 55.8% 56.6% \n \n$76.20 76.60 77.65 77.55 75.75 77.10 74.18 71.87 69.84 74.77 \n \n$42.87 43.21 43.65 43.13 41.94 42.56 40.54 39.10 38.06 40.70 \n \n6.82% 7.17% 7.00% 6.60% 6.16% 6.00% 5.74% 5.74% 5.44% 5.22% \n \n* Monthly hotel data for May was not available, data for the weekending May 24 was used instead. 1 Rate does not include points \n \nMortgage Rates \n \n1 5 - Ye a r Fixed 1 \n \nO n e - Ye a r Rate Adjustable 1 \n \n6.35% 6.65% 6.55% 6.11% 5.58% 5.40% 5.10% 5.08% 4.86% 4.61% \n \n5.38% 5.26% 4.98% 4.29% 4.20% 3.63% 3.43% 3.47% 3.31% 3.18% \n \n16 Economic Indicators / Second Quarter 2003 \n \nGeorgia Department of Labor \n \n Dear Subscriber to Economic Indicators: \n \nSeveral new methods for releasing the Economic Indicators publication have been introduced within the last few years. 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Quarterly report, Vol. 9, no. 3 (Third quarter 2003)","collection_id":"dlg_ggpd","collection_title":"Georgia Government Publications","dcterms_contributor":["Georgia. Workforce Information and Analysis."],"dcterms_spatial":["United States, Georgia, 32.75042, -83.50018"],"dcterms_creator":["Georgia. Workforce Information and Analysis"],"dc_date":["2003"],"dcterms_description":["Quarterly","Latest issue consulted: Vol. 9, issue 2 (2nd quarter 2003)","Merger of: Georgia economic indicators. Monthly report, and: Metro Atlanta economic indicators. Monthly report"],"dc_format":["application/pdf"],"dcterms_identifier":null,"dcterms_language":["eng"],"dcterms_publisher":["Atlanta, Ga. : Georgia Dept. of Labor, Workforce Information and Analysis, 2003"],"dc_relation":null,"dc_right":["http://rightsstatements.org/vocab/InC/1.0/"],"dcterms_is_part_of":null,"dcterms_subject":["Georgia--Economic conditions--Statistics--Periodicals","Economic indicators--Georgia--Periodicals"],"dcterms_title":["Georgia-Atlanta economic indicators. Quarterly report, Vol. 9, no. 3 (Third quarter 2003)","Georgia economic indicators. Quarterly report","Quarterly report","Georgia economic indicators. Monthly report","Metro Atlanta economic indicators. Monthly report"],"dcterms_type":["Text"],"dcterms_provenance":["University of Georgia. Map and Government Information Library"],"edm_is_shown_by":["https://dlg.galileo.usg.edu/do:dlg_ggpd_i-ga-bl200-pe46-bp1-be31-b9-s3-belec-p-btext"],"edm_is_shown_at":["https://dlg.galileo.usg.edu/id:dlg_ggpd_i-ga-bl200-pe46-bp1-be31-b9-s3-belec-p-btext"],"dcterms_temporal":null,"dcterms_rights_holder":null,"dcterms_bibliographic_citation":null,"dlg_local_right":null,"dcterms_medium":["reports","state government records"],"dcterms_extent":null,"dlg_subject_personal":null,"iiif_manifest_url_ss":null,"dcterms_subject_fast":null,"fulltext":"Economic Indicators \n \nA Quarterly Report of Georgia and Metro Atlanta Labor Market and Economic Trends \n \nThird Quarter 2003 \n \nVolume 9, Issue 3 \n \nGeorgia Department of Labor \nMichael L. Thurmond Commissioner \n \n Georgia-Atlanta Economic Indicators \nQuarterly Report Third Quarter - 2003 \nVolume 9, Issue 3 \n \nCover art: The Fox Theatre, Atlanta, Georgia by Huey J. Theus, Mableton, Georgia \nThe Georgia-Atlanta Economic Indicators, Quarterly Report, is published by Workforce Information and Analysis, a division of the Georgia Department of Labor, 148 Andrew Young International Boulevard, N.E., Atlanta, Georgia 30303-1751. The telephone number is (404) 232-3875. \nVisit the Georgia Department of Labor web site at www.dol.state.ga.us \n \nGeorgia Department of Labor \nMichael L. Thurmond, Commissioner \n \nEqual Opportunity Employer/Programs - Auxiliary Aids and Services Available Upon Request to Individuals With Disabilities \n \nGeorgia Department of Labor \n \nEconomic Indicators / Third Quarter 2003 \n \n Contents \nHistory ............................................................................................................................................................ 1 Introduction ................................................................................................................................................. 2 U.S. Consumer Price Index ......................................................................................................................... 3 Georgia Index of Economic Indicators ...................................................................................................... 4 Georgia Data Summary ................................................................................................................................ 5 \nEmployment, Manufacturing Wages and Hours .................................................................................... 6 Nonagricultural, Retail, Manufacturing,Workweek, Earnings and Deflated Earnings \nJob Openings, Unemployment Data and Vehicle Sales ........................................................................ 7 Nonagricultural Job Openings Unfilled, Initial/ Continued Unemployment Claims, Unemployment Rate, Insured Unemployment Rate and New Motor Vehicle Sales \nConstruction, New Business and State Revenue ................................................................................... 8 Residential/ Nonresidential Construction, Deflated Nonresidential Construction, New Business Corporations, Total/ Deflated State Revenue \nConsumer Price Index for the South ......................................................................................................... 9 Metro Atlanta Index of Economic Indicators ........................................................................................... 10 Atlanta Data Summary ................................................................................................................................ 11 \nEmployment Data ......................................................................................................................................... 12 Nonagricultural, Wholesale, Retail, Accommodation and Food Services, Manufacturing and Government \nEmloyment Data - Continued ..................................................................................................................... 13 Construction, Transportation, Warehousing \u0026 Utilities, Financial Activities, Professional and Business Services, Hospital Services and Social Assistance \nManufacturing Workweek, Earnings and Unemployment Data .......................................................... 14 Manufacturing -Workweek, Earnings and Deflated Earnings, Initial/ Continued Unemployment Claims and Unemployment Rates \nUnemployment Data, Transit and Construction Data ............................................................................ 15 Insured Unemployment Rate, Marta Passengers, Cobb Community Transit Passengers, Residential/ Nonresidential Construction and Deflated Nonresidential Construction \nHotel and Mortgage Rates ......................................................................................................................... 16 Hotel Occupancy, Average Hotel Room Rates, Deflated Average Hotel Room Rates, Average 30-Year/ 15-Year Fixed Mortgage Rates and Average One-Year Adjustable Mortgage Rates \n \n History \nThe Fox Theatre is a premier example of the American movie palace. \"The Fabulous Fox\" is one of the most ornate movie palaces remaining in the country, and one of the largest (250,000 square feet) movie theaters ever built. It opened on Christmas Day, 1929, near the end of the golden age of the American movie palace. The Fox was not originally intended to be a movie theater. The building was originally planned and designed to be the new headquarters for the Shriners of Atlanta. \nIn 1927, the Yaarab Temple held a design competition for their new headquarters building. A local architectural firm submitted the winning design, a flamboyant interpretation of a mosque with onion domes, towers, horsehoe and lancet arches, and a minaret. TheYaarab Temple Shriners loved the design, but they soon found out that the cost to build their new headquarters was more than their budget. The Yaarab Temple subsequently signed a lease to share the building with movie mogul William Fox, the president of the Fox Theater Corporation and the Fox Film Corporation. The cornerstone was laid on June 14, 1928, and The Fox Theatre opened 18 months later on December 25, 1929. The Yaarab Temple dedicated their new mosque a week later on New Year's Day. \nThe exterior of the building and most of the interior are based on historic Islamic architecture. Several interior spaces are based on historic Egyptian architecture, including the Egyptian Ballroom, the Yaarab Temple's former banquet hall and ballroom. The Fox includes features and details borrowed from historic mosques constructed from the 10th to the 16th centuries all the way from southern Spain to north Africa, the Mideast, and northern India. \nBecause of the Great Depression, the Fox Theatre closed only 125 weeks after it opened. Members of the Yaarab Temple could not meet their pledges, and by 1932, William Fox was bankrupt. In December 1932, the mortgage was foreclosed and the theater did not get back on a sound financial footing until later in the 1930s. A new partnership called Mosque Inc. acquired The Fabulous Fox and it prospered as one of Atlanta's finest movie houses from the 1940s through the 1960s. \nThe Fox was a successful theater for longer than most American movie palaces which had to compete with suburban development, drive-in movies, and television in the 1950s. And the Fox survived longer than most, in large part because Atlanta loved the Fox. By 1974, however, The Fox was an endangered property. A large corporation wanted the theater site on Peachtree Street for its new high-rise headquarters and tried to have the building razed before the property changed hands. \nUncharacteristically for Atlanta, a grass-roots campaign to \"Save the Fox\" quickly emerged, championed by a group of local high school students who picketed in front of the theater and attracted media attention at a critical time. Aided by the mayor, the city's new Urban Design Commission, and a new non-profit organization, Atlanta Landmarks, Inc., the campaign was a success. Atlanta Landmarks purchased the Fox in the summer of 1975 and paid the mortgage in 1978, shortly before the repayment deadline. Since that time, the Fox has been financially successful as a multi-purpose performing arts center, and Atlanta Landmarks has spent more than $20 million restoring, rehabilitating, and maintaining the huge building. The Fox Theatre was designated a National Historic Landmark in 1976. \n \n Introduction \n \nG eorgia Economic Indicators, Quarterly Report, is designed to provide in a single publication data on a \nnumber of indicators used to measure movement of the state's economy. \nOur publication has changed. \nThe Georgia and Metropolitan Altanta Economic Indicator series, previously published as two separate monthly publications, are now published as a single quarterly publication. Graphs will continue to display data in monthly increments; whereas, companion data tables will display the 3-month average for each series (for 7 quarters) before alternating to a monthly format for the most recent quarter. \nAll data except those contained in the U.S. and the Consumer Price Index for the South chart on Pages 3 and 9 are seasonally adjusted using the X11 ARIMA method. They are presented in graphic and tabular form along with an analysis. Each series shows movement over a 24-month period. Where appropriate, companion graphs and tables show data that have been deflated by the U.S. Consumer Price Index or the U.S. Construction Price Index. The purpose is to adjust for inflation and show growth in constant dollars. \nHistorical tables and graphs are included in a supplementary Georgia Economic Indicators, Historical Series, published annually. \nWorkforce Information and Analysis welcomes comments, suggestions or questions concerning Georgia Economic Indicators, Quarterly Report and Historical Series. Please address correspondence to Bill Webb, Workforce Information and Analysis, Georgia Department of Labor, 148 Andrew Young International Boulevard, N.E., Atlanta, Georgia 30303-1751. The telephone number is (404) 232-3875. \n \nData Sources \n \nGeorgia Indexes of Leading and Coincident Economic Indicators*, Initial Unemployment Claims, Continuing Unemployment Claims, Insured Unemployment Rate, Nonagricultural Job Openings Unfilled, Weekly Manufacturing Earnings, Manufacturing Workweek and Employment data. -- Georgia Department of Labor \nConsumer Price Index -- U.S. Bureau of Labor Statistics, adapted from commentary by Michael Wald New Motor Vehicles, State Sales and Use Tax Collections and Total Revenue Collections -- Georgia Department of Revenue New Business Corporations -- Georgia Secretary of State Residential Construction and Construction Price Index -- U.S. Department of Commerce Nonresidential Construction -- F.W. Dodge, McGraw-Hill Construction Information Group MARTA Passengers -- Metropolitan Atlanta Rapid Transit System CCT Passengers -- Cobb Community Transit System Hotel Occupancy and Room Rates -- Smith Travel Research, Hendersonville, TN Mortgage Rates -- HSH Associates, Financial Publishers, Butler, NJ Retail Trends -- Bank of Tokyo-Mitsubishi, Ltd. \n* Model for Georgia Indexes of Leading and Coincident Economic Indicators developed by Georgia State University's Economic Forecasting Center \n \n2 Economic Indicators / Third Quarter 2003 \n \nGeorgia Department of Labor \n \n Consumer Price Index \n \nChart is not seasonally adjusted \n \nYEAR 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 \n \nJAN \n127.4 134.6 138.1 142.6 146.2 150.3 154.4 159.1 161.6 164.3 168.7 175.1 177.1 181.7 \n \nFEB \n128.0 134.8 138.6 143.1 146.7 150.9 154.9 159.6 161.9 164.5 169.7 175.8 177.8 183.1 \n \nMAR \n128.7 135.0 139.3 143.6 147.2 151.4 155.7 160.0 162.2 165.0 171.1 176.2 178.8 184.2 \n \nAPR \n128.9 135.2 139.5 144.0 147.4 151.9 156.3 160.2 162.5 166.2 171.2 176.9 179.8 183.8 \n \nMAY \n129.2 135.6 139.7 144.2 147.5 152.2 156.6 160.1 162.8 166.2 171.3 177.7 179.8 183.5 \n \nJUN \n129.9 136.0 140.2 144.4 148.0 152.5 156.7 160.3 163.0 166.2 172.3 178.0 179.9 183.7 \n \nJUL \n130.4 136.2 140.5 144.4 148.4 152.5 157.0 160.5 163.2 166.7 172.6 177.5 180.1 183.9 \n \nAUG \n131.6 136.6 140.9 144.8 149.0 152.9 157.3 160.8 163.4 167.1 172.8 177.5 180.7 184.6 \n \nSEP \n132.7 137.2 141.3 145.1 149.4 153.2 157.8 161.2 163.6 167.9 173.7 178.3 181.0 185.2 \n \nOCT \n133.5 137.4 141.9 145.7 149.5 153.7 158.3 161.6 164.0 168.2 174.0 177.7 181.3 \n \nNOV \n133.8 137.8 142.0 145.8 149.7 153.6 158.6 161.5 164.0 168.3 174.1 177.4 181.3 \n \nDEC \n133.8 137.9 141.9 145.8 149.7 153.5 158.6 161.3 163.9 168.3 174.0 176.7 180.9 \n \nAVG \n130.7 136.2 140.3 144.5 148.2 152.4 156.9 160.5 163.0 166.6 172.1 177.1 179.9 \n \nCPI RATE \n6.1% 3.1% 2.9% 2.7% 2.7% 2.5% 3.3% 1.7% 1.6% 2.7% 3.4% 1.6% 2.4% \n \nSource: U.S. Bureau Of Labor Statistics @www.bls.gov \n \nCPI Increases 0.3 Percent in September \n \nThe Consumer Price Index for All Urban Consumers (CPI-U) increased 0.3 percent in September, before seasonal adjustment, as reported by the Bureau of Labor Statistics of the U.S. Department of Labor. The September level of 185.2 (198284=100) was 2.3 percent higher than its level in September 2002. \nOn a seasonally adjusted basis, the CPI-U rose 0.3 percent in September, the same as in August. Energy costs advanced sharply for the second consecutive month--up 3.0 percent in September, reflecting a 6.3 percent increase in the index for gasoline. The index for all items less food and energy increased 0.1 percent in September, the same as in August. A smaller increase in the index for shelter was offset by larger increases in the index for medical care and apparel. \nConsumer prices increased at a seasonally adjusted annual rate (SAAR) of 3.1 percent in the third quarter of 2003, following an increase at a 5.2 percent rate in the first quarter and a decline at a 0.7 percent rate in \n \nthe second quarter. This brings the year-to-date annual rate to 2.5 percent and compares with an increase of 2.4 percent in all of 2002. \nThe CPI-U excluding food and energy advanced at a 1.5 percent SAAR in the third quarter, following an increase at a 0.8 and 1.0 percent in the first two quarters of 2003. The advance at a 1.1 percent SAAR for the first nine months of the 2003 compares with a 1.9 percent rise in all of 2002. Smaller increases in the indexes for shelter and medical care were largely responsible for the deceleration. \nThe index for housing increased 0.1 percent in September, the same as in August. Shelter costs rose 0.1 percent in September, following an increase of 0.2 percent in August. The index for fuels and utilities increased 0.2 percent in September. A 0.6 percent increase in the index for electricity more than offset declines in the indexes for fuel oil and natural gas, down 1.9 and 0.4 percent, respectively. For the 12 months ended in September, charges for natural gas have risen 24.8 percent, fuel oil prices, 12.1 percent, \n \nand charges for electricity, 3.8 percent. The index for household furnishings and operations declined for the seventh consecutive month, down 0.4 percent in September. \nThe transportation index increased 0.9 percent in September. The index for gasoline advanced for the fourth consecutive month up 6.3 percent in September. As of September the price of gasoline was 0.6 percent below its peak level of March 2003. The index for new vehicles, which turned up in August, declined 0.4 percent in September. The index for public transportation declined 0.5 percent in September, reflecting declines in airline and other intercity transportation fares. \nThe index for apparel, which rose 0.1 percent in August, increased 0.5 percent in September. Medical care costs rose 0.5 percent in September and are 4.0 percent higher than a year ago. \n \nGeorgia Department of Labor \n \nEconomic Indicators / Third Quarter 2003 3 \n \n Georgia Index of Economic Indicators \n208 \nLeading indicators Coincident indicators \n181 \n \n154 \n \n128 \n \n101 \n1990 = 100 \n \n74 1996 \n \n1997 \n \n1998 \n \n1999 \n \n2000 \n \n2001 \n \n2002 \n \n2003 \n \nGeorgia's Economic Indicators Fall In-Line With Expectations \n \nNote: All indicators are seasonally adjusted. \n*** The Georgia Department of Labor's Index of Leading Economic Indicators (LEI) continued its advance into the third quarter, completing 6 months of consecutive gains. Two quarters of back-to-back gains seems more like a recovery trend than another false start. The Leading Economic Indicator pressed forward in July to 178.3 (up 0.4%), then backed off in August (advancing 0.1%) moving the index up slightly to the level of 178.6. In September the index closed out the quarter with a 1.1 percent gain, moving up to 180.7. In August slower sales of new motor vehicles (down 3.7%) along with a decline in commercial construction (contracted 2.0%) \n \nkept gains to a minimum. However, in September a reversal in construction (up 29.8%) and a smaller decline in sales of new vehicles (down 0.8%) helped push the indicator forward. Initial jobless claims declined 6.4 percent in August then increased 9.6 percent the following month. New business filings and residential construction permits were up in August and September. \nThe Coincident Economic Indicator (CEI) started the quarter off slow, barely moving up to 170.6, in July. Then in August the index accelerated to 173.4 (up 1.6%). The CEI ended the quarter at a level of 175.4 (up 1.1% in September). Tax refund checks and back to school spending \n \ncertainly helped the retail sector in the third quarter. Retail employment increased 0.2 percent in August and 0.9 percent in September. Unemployment declined onetenth of a percent to 4.6 percent as the insured unemployment rate remained unchanged. State revenues increased 6.8 and 19.6 percent in August and September, respectively. \nLocal economists forecasted a turn-around the second half of the year and the Economic Indicators' performance in the third quarter seems to be in line with expectations. \n \n4 Economic Indicators / Third Quarter 2003 \n \nGeorgia Department of Labor \n \n Georgia \nNonagricultural Employment change from previous month \nRetail Employment change from previous month \nManufacturing Employment change from previous month \nManufacturing Workweek (hours) change from previous month \nWeekly Manufacturing Earnings change from previous month \nNonagricultural Job Openings Unfilled change from previous month \nInitial Unemployment Claims change from previous month \nContinued Unemployment Claims change from previous month \nUnemployment rate (not seasonally adjusted) change from previous month \nInsured Unemployment Rate change from previous month \nNew Motor Vehicle Sales change from previous month \nResidential Construction ( building permits ) change from previous month \nNonresidential Construction ( dollar value ) change from previous month \nNew Business Corporations change from previous month \nTotal State Revenues ( in millions ) change from previous month \nDeflated State Revenues ( in millions ) change from previous month \n* Current data not available, estimate used. Georgia Department of Labor \n \nSeptember 2003 \n3,970,034 0.28% \n464,156 0.90% \n448,757 -0.19% \n39.0 0.22% \n$538.08 0.34% \n13,581 -4.07% \n54,777 9.60% \n365,859 23.44% \n4.6% - - \n1.91% - - \n44,786* -0.82% \n9,903 20.46% \n$573,013,264 29.88% \n5,955 7.48% \n$1,194,596,602 19.67% \n645,032,400 19.28% \n \nAugust 2003 \n3,958,817 0.51% \n460,018 0.26% \n449,610 -0.54% \n38.9 -2.71% \n$536.26 -5.04% \n14,158 -3.50% \n49,980 -6.42% \n296,389 4.99% \n4.7% - - \n1.91% - - \n45,154 -3.70% \n8,221 0.81% \n$441,177,613 -2.03% \n5,541 10.91% \n$998,264,163 6.88% \n540,769,200 6.47% \n \nJuly 2003 3,938,551 \n- - \n458,845 - - \n452,062 - - \n40.0 - - \n$564.71 - - \n14,672 - - \n53,408 - - \n282,314 - - \n5.3% - - \n1.98% - - \n46,889 - - \n8,154 - - \n$450,319,149 - - \n4,996 - - \n$934,025,328 - - \n507,901,000 - - \n \nEconomic Indicators / Third Quarter 2003 5 \n \n MILLIONS \n \nTHOUSANDS \n \nGEORGIA \n4.02 \n2001-2002 2002-2003 \n3.98 \n \n44. 2 42. 7 \n \n2001-2002 2002-2003 \n \n3.93 \n \n41. 3 \n \nHOURS \n \n3.89 \n \n39. 8 \n \n3.84 \nNonagricultural Employment \n3.80 \n500 \n \n38. 4 \nManufacturing Workweek \n36. 9 \n$ 610 \n \n480 \n \n$ 580 \n \n460 \n \n$ 550 \n \nDOLLARS \n \n440 \n \n$ 520 \n \n420 \nRetail Employment \n400 \n550 \n \n$ 490 \nAverage Weekly Manufacturing Earnings \n$ 460 \n$ 340 \n \n520 \n \n$ 325 \n \n490 \n \n$ 310 \n \nDOLLARS \n \n460 \n \n$ 295 \n \n430 \n \n$ 280 \n \nManufacturing Employment \n \nDeflated Average Weekly Manufacturing Earnings \n \n400 \n \n$ 265 \n \nO \n \nN \n \nD \n \nJ \n \nF \n \nM \n \nA \n \nM \n \nJ \n \nJ \n \nA \n \nS \n \nO \n \nN \n \nD \n \nJ \n \nF \n \nM \n \nA \n \nM \n \nJ \n \nJ \n \nA \n \nS \n \nEmployment \n \n2001: Q4 2002: Q1 \nQ2 Q3 Q4 2003: Q1 Q2 Jul Aug Sep \n \nNonag \n3,904,177 3,917,900 3,907,837 3,900,149 3,897,861 3,909,766 3,921,513 3,938,551 3,958,817 3,970,034 \n \nRetail \n453,450 453,237 456,186 453,215 454,103 461,004 459,416 458,845 460,018 464,156 \n \nMfg. \n478,563 471,521 472,759 473,759 469,658 461,490 447,275 452,062 449,610 448,757 \n \nAll graphs contain monthly data and are seasonally adjusted, except where noted. \n \nManufacturing \n \nAvg. Work Week \n40.3 41.1 \n \nWeekly Earnings \n$516.67 549.23 \n \n41.1 \n \n545.70 \n \n40.7 \n \n534.06 \n \n40.7 \n \n560.83 \n \n40.6 \n \n564.46 \n \n40.5 \n \n573.35 \n \n40.0 \n \n564.71 \n \n38.9 \n \n536.26 \n \n39.0 \n \n538.08 \n \nDeflated Wkly Earnings \n$291.47 308.73 303.45 295.71 309.57 308.44 312.17 307.07 290.50 290.54 \n \nTHOUSANDS \n \n6 Economic Indicators / Third Quarter 2003 \n \nGeorgia Department of Labor \n \n THOUSANDS \n \nTHOUSANDS \n \nGEORGIA \n19.7 2001-2002 2002-2003 \n16.2 \n12.7 \n \n6.3 2001-2002 2002-2003 \n5.7 \n5.2 \n \nPERCENTAGES \n \n9.2 \n \n4.6 \n \n5.7 \n \n4.1 \n \nNonagricultural Job Openings Unfilled \n \n2.2 \n \n3.5 \n \n99. 6 \n \n3. 26 \n \n80. 9 \n \n2. 76 \n \n62. 1 \n \n2. 26 \n \nUnemployment Rate \n \nPERCENTAGES \n \n43. 4 \n24. 6 \nInitial Unemployment Claims \n5. 9 \n550 \n \n1. 76 \n1. 26 \nInsured Unemployment Rate \n0. 76 \n63 \n \n450 \n \n56 \n \nTHOUSANDS \n \n350 \n \n50 \n \n250 \n \n43 \n \n150 \n \n37 \n \nContinued Unemployment Claims \n \nNew Motor Vehicle Sales \n \n50 \n \n30 \n \nO \n \nN \n \nD \n \nJ \n \nF \n \nM \n \nA \n \nM \n \nJ \n \nJ \n \nA \n \nS \n \nO \n \nN \n \nD \n \nJ \n \nF \n \nM \n \nA \n \nM \n \nJ \n \nJ \n \nA \n \nS \n \nTHOUSANDS \n \n2001: Q4 2002: Q1 \nQ2 Q3 Q4 2003: Q1 Q2 Jul Aug Sep \n \nJob Openings \n7,624 9,214 9,697 10,246 10,690 11,486 11,649 14,672 14,158 13,581 \n \nInitial Claims \n61,024 46,376 49,953 44,835 50,556 49,032 58,777 53,408 49,980 54,777 \n \n1 Rate at the end of each quarter, except for monthly rates. * Current data not available, estimate used. \n \nGeorgia Department of Labor \n \nUnemployment \n \nContinued Claims \n348,012 \n \nRate 1 \n4.5% \n \n309,885 \n \n5.1% \n \n342,513 \n \n5.7% \n \n321,650 \n \n5.4% \n \n303,933 \n \n5.1% \n \n299,701 \n \n4.7% \n \n330,848 \n \n5.4% \n \n282,314 \n \n5.3% \n \n296,389 \n \n4.7% \n \n365,859 \n \n4.6% \n \nInsured 1 \n2.09% 2.06% 1.94% 1.96% 2.19% 1.99% 2.03% 1.98% 1.91% 1.91% \n \nNew Motor Vehicle Sales \n47,801 46,658 43,752 47,308 42,452 45,229 40,931 46,889 45,154 44,786* \n \nEconomic Indicators / Third Quarter 2003 \n \n7 \n \n HOUSEHOLD UNITS \n \nMILLIONS \n \nGEORGIA \n \n10, 900 9, 800 \n \n2001-2002 2002-2003 \n \n8, 700 \n \n7, 600 \n \n6, 500 \nResidential Construction \n5, 400 \n \n$ 810 \n \n$ 672 \n \n$ 534 $ 396 \n \n$ 258 \nNonresidential Construction \n$ 120 \n$ 675 \n \nMILLIONS \n \nCHARTERS \n \n7,123 6,068 5,014 3,959 2,905 1,850 $ 1,683 $ 1,466 $ 1,250 $ 1,033 $ 817 $ 600 $ 940 \n \n2001-2002 2002-2003 \nNew Business Corporations \nTotal State Revenue \n \n$ 550 \n \n$ 823 \n \n$ 425 \n \n$ 706 \n \nMILLIONS \n \n$ 300 \n \n$ 589 \n \n$ 175 \nDeflated Nonresidential Construction \n \n$ 472 \nDeflated Total State Revenue \n \n$ 50 \n \nO \n \nN \n \nD \n \nJ \n \nF \n \nM \n \nA \n \nM \n \nJ \n \nJ \n \nA \n \n$ 355 \n \nS \n \nO \n \nN \n \nD \n \nJ \n \nF \n \nM \n \nA \n \nM \n \nJ \n \nJ \n \nA \n \nS \n \nMILLIONS \n \nConstruction \n \nResidential 2 Non-residential 1 Deflated non-res 1 \n \n2001: Q4 \n \n7,428 \n \n2002: Q1 \n \n7,794 \n \nQ2 \n \n8,400 \n \nQ3 \n \n7,861 \n \nQ4 \n \n7,970 \n \n2003: Q1 \n \n7,350 \n \nQ2 \n \n6,927 \n \nJul \n \n8,154 \n \nAug \n \n8,221 \n \nSep \n \n9,903 \n \n1 Data rounded 2 Household units 3 Includes limited liability companies \n \n$499,825,000 441,608,000 448,637,000 436,092,000 492,563,000 408,989,000 398,846,000 450,319,000 441,178,000 573,013,000 \n \n$402,111,800 356,710,800 362,193,500 351,592,600 391,337,100 318,858,400 309,743,200 349,626,600 340,678,000 440,440,400 \n \n8 Economic Indicators / Third Quarter 2003 \n \nNew Business Corporations 3 \n3,645 5,236 4,785 5,180 5,186 4,950 5,757 4,996 5,541 5,955 \n \nTotal State \n \nRevenue 1 Deflated Rev. 1 \n \n$1,089,340,000 1,040,070,000 1,131,250,000 1,004,900,000 1,073,530,000 1,037,440,000 1,104,810,000 \n934,030,000 998,260,000 1,194,600,000 \n \n$614,520,500 584,637,400 629,054,700 556,423,000 592,564,900 566,907,100 601,529,900 507,901,000 540,769,200 645,032,400 \n \nGeorgia Department of Labor \n \n Consumer Price Index for the South \n \n1980 1981 1982 1983 1984 1985 \n1986 \n \nJan \n \nFeb \n \nMar \n \nApr \n \nMay \n \nJun \n \nJul \n \n78.5 \n \n80.6 \n \n82.2 \n \n87.8 \n \n89.0 \n \n90.4 \n \n95.1 \n \n94.7 \n \n97.0 \n \n98.0 \n \n98.8 \n \n99.6 \n \n102.4 \n \n103.1 \n \n103.6 \n \n105.7 \n \n106.4 \n \n107.1 \n \n108.9 \n \n107.9 \n \n108.7 \n \n1987 \n \n110.2 \n \n110.7 \n \n111.1 111.5 111.8 112.2 112.6 \n \n1988 \n \n114.1 \n \n114.4 \n \n114.8 115.4 115.6 116.1 116.6 \n \n1989 \n \n118.9 \n \n119.2 \n \n119.8 120.8 121.3 121.7 122.0 \n \n1990 \n \n124.6 \n \n125.4 \n \n126.0 126.1 126.5 127.3 127.8 \n \n1991 \n \n131.4 \n \n131.7 \n \n131.9 132.1 132.5 132.8 133.0 \n \n1992 \n \n134.4 \n \n134.9 \n \n135.5 135.9 136.2 136.7 136.8 \n \n1993 \n \n138.4 \n \n139.1 \n \n139.7 140.2 140.7 140.8 140.9 \n \n1994 \n \n142.5 \n \n142.9 \n \n143.6 143.8 144.3 144.7 145.0 \n \n1995 \n \n146.7 \n \n147.4 \n \n148.0 148.4 148.8 149.1 149.2 \n \n1996 \n \n151.1 \n \n151.5 \n \n152.4 153.2 153.5 154.0 154.0 \n \n1997 \n \n155.7 \n \n156.1 \n \n156.5 156.7 156.6 157.0 157.0 \n \n1998 \n \n157.6 \n \n157.8 \n \n158.2 158.5 158.8 159.1 159.3 \n \n1999 \n \n159.9 \n \n160.0 \n \n160.6 161.5 161.6 161.7 162.2 \n \n2000 \n \n164.0 \n \n164.7 \n \n166.4 166.6 166.6 167.4 167.9 \n \n2001 \n \n169.3 \n \n170.2 \n \n170.6 171.4 171.7 172.2 171.6 \n \n2002 \n \n170.6 \n \n171.0 \n \n172.1 173.1 173.2 173.5 173.6 \n \n2003 \n \n175.1 \n \n176.4 \n \n177.5 177.4 176.8 177.2 177.3 \n \nAug 82.7 91.9 97.6 100.2 104.3 107.6 108.7 112.9 117.0 122.1 128.7 133.3 137.0 141.5 145.5 149.7 154.1 157.1 159.5 162.6 168.0 171.5 173.8 177.9 \n \nSep \n113.5 117.7 122.5 129.7 133.8 137.3 141.6 145.8 149.8 154.5 157.5 159.5 163.2 168.5 172.2 174.2 178.3 \n \nOct 84.2 93.0 98.0 101.2 105.1 108.3 109.4 113.8 118.2 123.0 130.7 134.1 137.8 142.2 145.9 150.5 154.9 157.8 159.8 163.6 168.5 171.7 174.9 \n \nNov \n114.1 118.3 123.2 130.9 134.4 138.1 142.3 146.0 150.4 155.1 157.8 159.6 163.5 168.6 171.0 174.9 \n \nDec 85.8 94.3 97.8 101.3 105.3 108.7 109.7 114.0 118.5 123.4 130.9 134.3 137.9 142.2 146.1 150.3 155.1 157.3 159.6 163.6 168.4 170.3 174.6 \n \nRate 12.5 9.9 3.7 3.6 3.9 3.2 0.9 3.9 3.9 4.1 6.1 2.6 2.7 3.1 2.7 2.9 3.2 1.4 1.5 2.5 2.9 1.1 2.5 \n \nSource: U.S. Bureau of Labor Statistics @ www.bls.gov \n \nThe CPI for the South \n \nThe Consumer Price Index for All Urban Consumers (CPI-U) for the South increased 0.2 percent in September, not seasonally adjusted, to a level of 178.3 (1982-84=100), as reported by the Bureau of Labor Statistics of the U.S. Department of Labor. For the 12-months ending in September, the CPI-U, South increased 2.4 percent. \nOver the month, higher costs for apparel and transportation accounted for almost all of the increase in the all items index. Energy costs advanced 1.7 percent, while the index for food rose 0.3 percent. Excluding food and energy, the CPI-U, South increased 0.1 percent over the month. \nOver the past 12 months, the CPIU, South has increased 2.4 percent. During that time period, energy costs climbed 13.6 percent, while \nGeorgia Department of Labor \n \nFollowing is the formula for figuring \n \nConsumer Price Index changes from one \n \npoint in time to another. \n \nIndex point change \n \nCPI \n \n112.5 \n \nLess previous index \n \n108.5 \n \nEquals index point change \n \n4.0 \n \nPercentage change \n \nIndex point difference \n \n4.0 \n \nDivide by the previous index 108.5 \n \nEquals \n \n0.037 \n \nResults multiplied by 100 0.037x100 \n \nEquals percent change \n \n3.7% \n \nfood costs rose 2.7 percent. Excluding the cost of food and energy, the CPI-U, South has increased 1.3 percent since September 2002. \nThe index for housing dropped 0.1 percent over the month due to lower costs for shelter (-0.2 percent). The index for \n \nfuel and utilities rose 0.4 percent in September. Electricity costs advanced 0.6 percent while costs for utility natural gas service fell 0.1 percent. \nApparel costs increased 4.1 percent over the month, after five consecutive months of decrease. The transportation index increased 0.3 percent in September due to higher gasoline costs for the third consecutive month. Gasoline costs increased 3.2 percent in September after advancing 1.9 percent in July and 5.7 percent in August. Over the last 12 months, the transportation index has risen 3.2 percent, reflecting higher gasoline costs. \nMedical care costs rose 0.3 percent in September after increasing 0.2 percent in August. Costs for medical care services increased 0.2 percent. \n \nEconomic Indicators / Third Quarter 2003 9 \n \n Metro Atlanta Index of Economic Indicators \n184.9 \nLeading indicators Coincident indicators \n165.6 \n \n146.3 \n \n127.1 \n \n107.8 \n1995-96 = 100 \n \n88.5 \n \n96 \n \n97 \n \n98 \n \n99 \n \n00 \n \n01 \n \n02 \n \n03 \n \n04 \n \nRecovery Gains Momentum in Q3 \n \nNote: All indicators are seasonally adjusted. \n \n*** \n \nWith the wind in our sails economic activity in the metro area is showing signs of prosperity. As we enter into the final quarter of the year with some momentum, a more robust economy could be awaiting in 2004. \nThe Leading Economic Indicators (LEI) for metropolitan Atlanta moved ahead to 175.1 in July (up 1.0%) then headed south to 172.6 in August (down 1.4 %). Nevertheless, the index recovered gracefully in September moving up to 176.9 (2.4% increase) marking the largest one month gain in over two years. \nThe LEI index took some hits in August when the manufacturing workweek dropped to 34.8 hours and the value of commercial construction declined 34.8 percent. However, the Leading Economic Indicator managed \n \nto recover in September. A rebound in construction elevated the index at the end of the quarter. The value of commercial construction increased $189 million and permits for new homes were up 13.8 percent. Initial unemployment claims were mixed during the reporting period, down 15.1 percent in August and up 8.3 percent in September. As layoffs start to subside and more jobs are created initial jobless claims should gradually start to trend downward. \nThe Coincident Economic Indicator (CEI), which measures current economic conditions, increased continuously throughout the third quarter. The index increased to 166.6 (up 0.7%) in July, 169.7 (1.8% increase) in August and \n \nthen moved to a level of 172.2 (up an additional 1.4%) in September. \nUnemployment in the metro area (4.8% in September) closed in on Georgia's 4.6 percent jobless rate, while remaining well below the nations 6.1 percent unemployment rate. \nNonfarm employment (which is not included in the CEI) continued its 9 month climb, up 0.5 percent in August and 0.7 percent in September. Retail employment slipped 0.3 percent in August then regained ground the following month, ending the quarter up 1.0 percent. Industry-wide retail chain store sales advanced (up 5.9% in year-over-year sales) in September giving retailers a boost going into the holiday season. \n \n10 Economic Indicators / Third Quarter 2003 \n \nGeorgia Department of Labor \n \n Metro Atlanta \n \nSep-2003 \n \nAug-2003 \n \nJul-2003 \n \nPercent Change Aug-2003 \nto Sep-2003 \n \nPercent Change Jul-2003 \nto Aug-2003 \n \nNonagricultural Employment \n \n2,237,194 \n \nWholesale Employment \n \n134,299 \n \nRetail Employment \n \n252,347 \n \nAccommodation and Food Services Employment \n \n174,078 \n \nManufacturing Employment \n \n161,332 \n \nGovernment Employment \n \n291,358 \n \nConstruction Employment \n \n122,782 \n \nTrans., Warehousing and Utilities Employment \n \n108,776 \n \nFinancial Activities Employment \n \n146,331 \n \nProfessional and Business Services Employment \n \n386,344 \n \nHospital Services Employment \n \n60,139 \n \nSocial Assistance Employment \n \n27,884 \n \nManufacturing Workweek \n \n36.3 \n \nManufacturing Earnings \n \n$529.16 \n \nDeflated Manufacturing Earnings \n \n$288.06 \n \nInitial Unemployment Claims \n \n13,135 \n \nContinued Unemployment Claims \n \n188,490 \n \nTotal Unemployment Rate ( not seasonally adjusted ) \n \n4.8 \n \nInsured Unemployment Rate \n \n1.75% \n \nMARTA Passengers \n \n5,981,000 \n \nCobb County Transit Passengers \n \n216,617 \n \nResidential Construction (household units) \n \n6,738 \n \nNonresidential Construction (value) \n \n$382,420,000 \n \nDeflated Nonresidential Construction \n \n$297,600,000 \n \nHotel Occupancy \n \n#N/A \n \nAverage Hotel Room Rates \n \n#N/A \n \nDeflated Average Hotel Room Rate \n \n#N/A \n \nAverage 30-Year Fixed Mortgage Rate \n \n6.20% \n \nAverage 15-Year Fixed Mortgage Rate \n \n5.47% \n \nAverage One-Year Adjustable Mortgage Rate \n \n3.66% \n \n2,221,314 132,110 249,717 172,538 161,966 289,275 120,903 108,487 145,263 383,908 58,981 26,229 34.8 $509.45 $277.63 12,127 151,334 4.9 1.74% \n5,184,000 190,624 5,921 \n$193,034,000 $150,300,000 \n#N/A #N/A #N/A 6.32% 5.63% 3.69% \n \n2,208,268 134,064 250,552 170,018 163,216 280,433 121,966 108,351 145,272 384,285 58,458 26,018 38.0 $578.69 $314.85 14,296 145,031 5.3 1.89% \n5,003,000 199,742 5,787 \n$296,132,000 $229,900,000 \n#N/A #N/A #N/A 5.66% 5.02% 3.34% \n \n0.71% 0.59% \n \n1.66% -1.46% \n \n1.05% -0.33% \n \n0.89% 1.48% \n \n-0.39% -0.77% \n \n0.72% 3.15% \n \n1.55% -0.87% \n \n0.27% 0.13% \n \n0.74% -0.01% \n \n0.63% -0.10% \n \n1.96% 0.89% \n \n6.31% 0.81% \n \n4.16% -8.26% \n \n3.87% -11.96% \n \n3.76% -11.82% \n \n8.31% -15.18% \n \n24.55% 4.35% \n \n- \n \n- \n \n- \n \n- \n \n15.37% 3.62% \n \n13.64% -4.57% \n \n13.80% 2.31% \n \n98.11% -34.81% \n \n98.00% -34.62% \n \n- \n \n- \n \n#N/A #N/A \n \n#N/A #N/A \n \n- \n \n- \n \n- \n \n- \n \n- \n \n- \n \nGeorgia Department of Labor \n \nEconomic Indicators / Third Quarter 2003 11 \n \n MILLIONS \n \nTHOUSANDS \n \nMetro Atlanta \n \n2. 26 2. 24 \n \n2001-2002 2002-2003 \n \n2. 21 \n \n2. 19 \n \n2. 16 \nNonagricultural Employment \n2. 14 \n150 \n \n145 \n \n140 \n \n135 \n \n130 \nWholesale Employment \n125 \n270 \n \n260 \n \n250 \n \nTHOUSANDS \n \nTHOUSANDS \n \n300 2001-2002 2002-2003 \n250 \n200 \n150 \n100 \nAccommodation and Food Services \n50 \n220 \n200 \n180 \n160 \n140 \nManufacturing Employment \n120 310 \n300 \n290 \n \nTHOUSANDS \n \n240 \n \n280 \n \n230 \nRetail Employment \n \n220 \n \nO \n \nN \n \nD \n \nJ \n \nF \n \nM \n \nA \n \nM \n \nJ \n \nJ \n \nA \n \nS \n \n270 \nGovernment Employment \n \n260 \n \nO \n \nN \n \nD \n \nJ \n \nF \n \nM \n \nA \n \nM \n \nJ \n \nJ \n \nA \n \nS \n \nPeriod \n2001 :Q4 2002 :Q1 \nQ2 Q3 Q4 2003 :Q1 Q2 Jul Aug Sep \n \nNonag \n2,170,232 2,179,602 2,187,850 2,170,072 2,165,678 2,179,868 2,195,027 2,208,268 2,221,314 2,237,194 \n \nWholesale \n140,392 142,714 143,538 140,903 140,245 140,839 135,164 134,064 132,110 134,299 \n \nEmployment \n \nRetail \n \nAccom. \u0026 Food Services \n \n249,327 247,873 249,841 248,473 247,770 250,854 248,660 250,552 249,717 252,347 \n \n170,810 167,837 172,037 167,944 166,992 167,285 173,256 170,018 172,538 174,078 \n \nManufacturing \n174,470 171,189 173,126 169,593 169,181 167,983 163,887 163,216 161,966 161,332 \n \nGovernment \n278,909 278,665 282,007 286,104 288,326 290,146 287,337 280,433 289,275 291,358 \n \nTHOUSANDS \n \n12 Economic Indicators / Third Quarter 2003 \n \nGeorgia Department of Labor \n \n THOUSANDS \n \nTHOUSANDS \n \nMetro Atlanta \n132 2001-2002 2002-2003 \n126 \n \n420 2001-2002 2002-2003 \n400 \n \n120 \n114 \n108 \nConstruction Employment \n102 140 \n \nTHOUSANDS \n \n380 \n360 \n340 \nProfessional and Business Services Employment \n320 80 \n \n130 \n \n70 \n \nTHOUSANDS \n \n120 \n \n60 \n \n110 \n \n50 \n \n100 \n \n40 \n \nTransportation, Warehousing \u0026 Utilities Employment \n \n90 \n \n30 \n \n155 \n \n40 \n \nHospital Services Employment \n \n151 \n \n35 \n \n147 \n \n30 \n \nTHOUSANDS \n \n143 \n \n25 \n \n139 \nFinancial Activities Employment \n \n20 \nSocial Assistance Employment \n \n135 \n \n15 \n \nO \n \nN \n \nD \n \nJ \n \nF \n \nM \n \nA \n \nM \n \nJ \n \nJ \n \nA \n \nS \n \nO \n \nN \n \nD \n \nJ \n \nF \n \nM \n \nA \n \nM \n \nJ \n \nJ \n \nA \n \nS \n \nPeriod \n2001 :Q4 2002 :Q1 \nQ2 Q3 Q4 2003 :Q1 Q2 Jul Aug Sep \n \nConstruction \n119,221 121,539 118,075 116,408 116,369 118,618 120,629 121,966 120,903 122,782 \n \nTrans, Ware \u0026 Utilities \n118,616 115,924 116,827 113,881 111,873 112,559 108,413 108,351 108,487 108,776 \n \nEmployment \n \nFinancial Activities \n \nProfessional \u0026 Business Services \n \n145,574 148,163 146,444 145,135 145,488 144,536 144,455 145,272 145,263 146,331 \n \n358,915 363,112 365,666 359,489 355,674 359,355 375,996 384,285 383,908 386,344 \n \nHospital Services \n54,823 56,012 55,545 55,074 56,032 57,246 57,804 58,458 58,981 60,139 \n \nSocial Assistance \n25,010 24,971 25,311 25,183 25,330 26,089 24,881 26,018 26,229 27,884 \n \nTHOUSANDS \n \nGeorgia Department of Labor \n \nEconomic Indicators / Third Quarter 2003 13 \n \n HOURS \n \nDOLLARS \n \nMetro Atlanta \n \n42.8 40.9 \n \n2001-2002 2002-2003 \n \n39.1 \n \n26. 9 21. 9 16. 9 \n \n2001-2002 2002-2003 \n \nTHOUSANDS \n \n37.2 35.4 33.5 $ 655 $ 620 $ 585 $ 550 $ 515 $ 480 475 420 \n \nManufacturing Workweek Manufacturing Earnings \n \nTHOUSANDS \n \n11. 9 \n6. 9 \nInitial Unemployment Claims \n1. 9 \n275 \n225 \n175 \n125 \n75 \nContinued Unemployment Claims \n25 7. 0 \n6. 2 \n \nPERCENTAGES \n \n365 \n \n5. 4 \n \n310 \n \n4. 6 \n \n255 \nDeflated Manufacturing Earnings \n \n200 \n \nO \n \nN \n \nD \n \nJ \n \nF \n \nM \n \nA \n \nM \n \nJ \n \nJ \n \nA \n \nS \n \n3. 8 \nUnemployment Rate \n \n3. 0 \n \nO \n \nN \n \nD \n \nJ \n \nF \n \nM \n \nA \n \nM \n \nJ \n \nJ \n \nA \n \nS \n \nDOLLARS \n \nPeriod \n2001 :Q4 2002 :Q1 \nQ2 Q3 Q4 2003 :Q1 Q2 Jul Aug Sep \n \nWork Week (hrs) \n39.8 40.1 40.0 39.0 39.5 39.3 38.7 38.0 34.8 36.3 \n \nManufacturing \nWeekly Earnings \n$585.21 617.37 607.08 592.97 603.96 595.25 588.50 578.69 509.45 529.16 \n \nDeflated Earnings \n$329.19 348.30 341.24 329.73 334.42 328.57 321.59 314.85 277.63 288.06 \n \n14 Economic Indicators / Third Quarter 2003 \n \nInitial Claims \n16,544 13,434 14,878 13,060 13,623 13,272 15,564 14,296 12,127 13,135 \n \nUnemployment \nContinued Claims \n183,017 171,515 186,676 173,034 163,621 158,677 178,406 145,031 151,334 188,490 \n \nRate \n4.4% 5.2% 5.9% 5.6% 5.2% 4.7% 5.5% 5.3% 4.9% 4.8% \n \nGeorgia Department of Labor \n \n PERCENTAGES \n \nMILLIONS \n \nMetro Atlanta \n2.9 2001-2002 2002-2003 \n2.5 \n2.1 \n1.7 \n1.3 \nInsured Unemployment Rate \n0.9 6. 8 \n6. 3 \n5. 8 \n5. 3 \n4. 8 \nMARTA Passengers \n4. 3 \n245 \n \nMILLIONS \n \nHOUSEHOLD UNITS ( THOUSANDS ) \n \n7. 5 6. 6 5. 8 4. 9 4. 1 3. 2 $ 600 $ 480 $ 360 $ 240 $ 120 $0 $ 431 \n \n2001-2002 2002-2003 \nResidential Construction \nNonresidential Construction \n \n221 \n \n$ 346 \n \n197 \n \n$ 261 \n \nMILLIONS \n \n173 \n \n$ 176 \n \n149 \nCobb Community Transit Passengers \n \n$ 91 \nDeflated Nonresidential Construction \n \n125 \n \nO \n \nN \n \nD \n \nJ \n \nF \n \nM \n \nA \n \nM \n \nJ \n \nJ \n \nA \n \nS \n \n$6 \n \nO \n \nN \n \nD \n \nJ \n \nF \n \nM \n \nA \n \nM \n \nJ \n \nJ \n \nA \n \nS \n \nTHOUSANDS \n \nPeriod \n2001 :Q4 2002 :Q1 \nQ2 Q3 Q4 2003 :Q1 Q2 Jul Aug Sep \n \nInsured Unemployment \nRate 2 \n1.95% 2.06% 1.96% 1.83% 1.84% 1.81% 1.93% 1.89% 1.74% 1.75% \n \nTransit Passengers \n \nMARTA 1 \n5,904,600 5,618,800 5,637,400 5,361,200 5,456,900 5,476,300 5,570,400 5,002,800 5,184,000 5,981,200 \n \nCobb Community \n187,516 175,120 167,733 178,376 193,958 191,127 190,276 199,742 190,624 216,617 \n \nConstruction \n \nResidential 3 \n5,122 5,181 5,721 5,180 5,442 4,831 4,623 5,787 5,921 6,738 \n \nNonresidential \n$317,069,000 296,865,000 283,007,000 290,063,000 285,491,000 236,366,000 250,483,000 296,132,000 193,034,000 382,420,000 \n \nDeflated Non-res \n$257,966,667 238,733,333 228,600,000 234,166,667 230,166,667 187,600,000 195,200,000 229,900,000 150,300,000 297,600,000 \n \n1 Data rounded 2 Rate at the end of each quarter, except for monthly rates. \nGeorgia Department of Labor \n \n3 Household units Economic Indicators / Thrid Quarter 2003 15 \n \n PERCENTAGES \n \nDOLLARS \n \nMetro Atlanta \n75 2001-2002 2002-2003 \n69 \n63 \n56 \n50 \nHotel Occupancy \n44 \n$87 \n$82 \n$78 \n$74 \n$69 \nAverage Hotel Room Rates \n$65 \n$ 49 \n \nPERCENTAGES \n \nPERCENTAGES \n \n7. 50 6. 90 \n \n2001-2002 2002-2003 \n \n6. 30 \n \n5. 70 \n \n5. 10 \nAverage 30-Year Fixed Mortgage Rates \n4. 50 \n \n7.10 \n \n6.48 \n \n5.86 \n \n5.24 \n \n4.62 \nAverage 15-Year Fixed Mortgage Rates \n4.00 \n7.61 \n \n$ 47 \n \n6.43 \n \nPERCENTAGES \n \n$ 44 \n \n5.25 \n \n$ 41 \n \n4.07 \n \n$ 38 \n \nDeflated Average Hotel Room Rates \n \n$ 35 \n \nO \n \nN \n \nD \n \nJ \n \nF \n \nM \n \nA \n \nM \n \nJ \n \nJ \n \nA \n \n2.89 \nAverage One-Year Adjustable Mortgage Rates \n \n1.71 \n \nS \n \nO \n \nN \n \nD \n \nJ \n \nF \n \nM \n \nA \n \nM \n \nJ \n \nJ \n \nA \n \nS \n \nDOLLARS \n \nPeriod \n2001 :Q4 2002 :Q1 \nQ2 Q3 Q4 2003 :Q1 Q2 Jul Aug Sep \n \nOccupancy % \n58.4% 60.2% 57.8% 57.7% 58.2% 56.8% 55.3% #N/A #N/A #N/A \n \nHotel Data \nRoom Rates \n$76.60 77.65 77.55 75.75 77.10 74.18 72.16 #N/A #N/A #N/A \n \n1 Rate does not include points 16 Economic Indicators / Third Quarter 2003 \n \nDeflated Room Rates \n$43.09 43.81 43.59 42.12 42.69 40.95 39.43 #N/A #N/A #N/A \n \n3 0 - Ye a r Fixed 1 \n7.17% 7.00% 6.60% 6.16% 6.00% 5.74% 5.22% 5.66% 6.32% 6.20% \n \nMortgage Rates \n \n1 5 - Ye a r Fixed 1 \n \nO n e - Ye a r Rate Adjustable 1 \n \n6.65% 6.55% 6.11% 5.58% 5.40% 5.10% 4.61% 5.02% 5.63% 5.47% \n \n5.26% 4.98% 4.29% 4.20% 3.63% 3.43% 3.18% 3.34% 3.69% 3.66% \n \nGeorgia Department of Labor \n \n Dear Subscriber to Economic Indicators: \n \nSeveral new methods for releasing the Economic Indicators publication have been introduced within the last few 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Workforce Information and Analysis."],"dcterms_spatial":["United States, Georgia, 32.75042, -83.50018"],"dcterms_creator":["Georgia. Workforce Information and Analysis"],"dc_date":["2003"],"dcterms_description":["Quarterly","Latest issue consulted: Vol. 9, issue 2 (2nd quarter 2003)","Merger of: Georgia economic indicators. Monthly report, and: Metro Atlanta economic indicators. Monthly report"],"dc_format":["application/pdf"],"dcterms_identifier":null,"dcterms_language":["eng"],"dcterms_publisher":["Atlanta, Ga. : Georgia Dept. of Labor, Workforce Information and Analysis, 2003"],"dc_relation":null,"dc_right":["http://rightsstatements.org/vocab/InC/1.0/"],"dcterms_is_part_of":null,"dcterms_subject":["Georgia--Economic conditions--Statistics--Periodicals","Economic indicators--Georgia--Periodicals"],"dcterms_title":["Georgia-Atlanta economic indicators. Quarterly report, Vol. 9, no. 4 (Fourth quarter 2003)","Georgia economic indicators. Quarterly report","Quarterly report","Georgia economic indicators. Monthly report","Metro Atlanta economic indicators. Monthly report"],"dcterms_type":["Text"],"dcterms_provenance":["University of Georgia. Map and Government Information Library"],"edm_is_shown_by":["https://dlg.galileo.usg.edu/do:dlg_ggpd_i-ga-bl200-pe46-bp1-be31-b9-s4-belec-p-btext"],"edm_is_shown_at":["https://dlg.galileo.usg.edu/id:dlg_ggpd_i-ga-bl200-pe46-bp1-be31-b9-s4-belec-p-btext"],"dcterms_temporal":null,"dcterms_rights_holder":null,"dcterms_bibliographic_citation":null,"dlg_local_right":null,"dcterms_medium":["reports","state government records"],"dcterms_extent":null,"dlg_subject_personal":null,"iiif_manifest_url_ss":null,"dcterms_subject_fast":null,"fulltext":"Economic \n \nIndicators \n \nA Quarterly Report of Georgia and Metro Atlanta Labor Market and Economic Trends \n \nFourth Quarter 2003 \n \nVolume 9, Issue 4 \n \nGeorgia Department of Labor \nMichael L. Thurmond Commissioner \n \n Georgia-Atlanta Economic Indicators \nQuarterly Report Fourth Quarter - 2003 \nVolume 9, Issue 4 \n \nCover art: Springer Opera House, Columbus, Georgia by Huey J. Theus, Mableton, Georgia \nGeorgia Economic Indicators, Quarterly Report, is published by Workforce Information and Analysis, a division of the Georgia Department of Labor, 148 Andrew Young International Boulevard, N.E., Atlanta, Georgia 30303-1751. The telephone number is (404) 232-3875. \nVisit the Georgia Department of Labor web site at www.dol.state.ga.us \n \nGeorgia Department of Labor \nMichael L. Thurmond, Commissioner \n \nEqual Opportunity Employer/Programs - Auxiliary Aids and Services Available Upon Request to Individuals With Disabilities \n \nGeorgia Department of Labor \n \nEconomic Indicators / Fourth Quarter 2003 \n \n Contents \nHistory ............................................................................................................................................................ 1 Introduction ................................................................................................................................................. 2 U.S. Consumer Price Index ......................................................................................................................... 3 Georgia Index of Economic Indicators ...................................................................................................... 4 Georgia Data Summary ................................................................................................................................ 5 \nEmployment, Manufacturing Wages and Hours .................................................................................... 6 Nonagricultural, Retail, Manufacturing,Workweek, Earnings and Deflated Earnings \nJob Openings, Unemployment Data and Vehicle Sales ........................................................................ 7 Nonagricultural Job Openings Unfilled, Initial/ Continued Unemployment Claims, Unemployment Rate, Insured Unemployment Rate and New Motor Vehicle Sales \nConstruction, New Business and State Revenue ................................................................................... 8 Residential/ Nonresidential Construction, Deflated Nonresidential Construction, New Business Corporations, Total/ Deflated State Revenue \nConsumer Price Index for Atlanta .............................................................................................................. 9 Metro Atlanta Index of Economic Indicators ........................................................................................... 10 Atlanta Data Summary ................................................................................................................................ 11 \nEmployment Data ......................................................................................................................................... 12 Nonagricultural, Wholesale, (Retail Accommodation and Food Services), Manufacturing and Government \nEmloyment Data - Continued ..................................................................................................................... 13 Construction, (Transportation, Warehousing \u0026 Utilities), Financial Activities, Professional and Business Services, Hospital Services and Social Assistance \nManufacturing Workweek, Earnings and Unemployment Data .......................................................... 14 Manufacturing -(Workweek, Earnings and Deflated Earnings), Initial/ Continued Unemployment Claims and Unemployment Rates \nUnemployment Data, Transit and Construction Data ............................................................................ 15 Insured Unemployment Rate, Marta Passengers, Cobb Community Transit Passengers, Residential/ Nonresidential Construction and Deflated Nonresidential Construction \nHotel and Mortgage Rates ......................................................................................................................... 16 Hotel Occupancy, Average Hotel Room Rates, Deflated Average Hotel Room Rates, Average 30-Year/ 15-Year Fixed Mortgage Rates and Average One-Year Adjustable Mortgage Rates \n \n History \nWelcome to the spectacular Springer Opera House - the State Theatre of Georgia and a leading Southern cultural institution for 131 years. This spectacular American treasure was built by Francis Joseph Springer, an immigrant from Alsace who moved to Columbus before the War Between the States. Springer became prosperous in the grocery business but had brought his love of theatre, music and dance from his native Rhine River Valley to the burgeoning Chattahoochee River Valley and dreamt of building an European style theatre here on the banks of this great Southern waterway. \nThe Springer Opera House opened February 21, 1871 and soon became nationally known as the finest house between Washington and New Orleans. \nThe Springer continued as a major theatre center until the stock market crash of 1929. With the onset of the Great Depression, the vast network of road companies which provided the lifeblood of American theatre collapsed and the Springer succumbed to the advent of the newest technology - movies. \nThe great old theatre survived as a movie house for awhile but a lack of maintenance and the eventual decline of Columbus' historic commercial district began the Springer's slide into near-oblivion. \nIn 1964, the theatre where the Barrymore's and the Booth's performed was slated for demolition. As the wrecking ball hovered above the stage house, a group of citizens determined to save the Springer aroused community support and began to raise the funds to bring it back to life. When the newly renovated Springer Opera House re-opened in 1965, southerners once again hurried to their seats beneath the huge brass chandelier to enjoy the very best in theatre, music and dance. \nTODAY \nToday, the Springer is one of America's most vibrant professional theatre companies with a popular Mainstage Series, an innovative second-space series called Studio II, an Academy Series featuring some of this region's most talented student actors and a ten-state, regional touring program called Springer Theatre On Tour. It is also the home of one of the nation's finest training schools for young actors, the Springer Theatre Academy. \nIn 1998-99, the Springer received a comprehensive $12 million historic renovation that included areas of the building untouched in the 1964 renovation and expanded program space from 35,000 to 75,000 square feet. This splendid preservation project included one of the most ambitious historic interior treatments of any theatre in America and a complete re-equipping with state-of-the-art lighting, sound, rigging, rehearsal facilities and technical support equipment. \nThe beautiful mainstage theatre, Emily Woodruff Hall, is named for a dedicated patron, performer, humanitarian and original trustee who ispired the 1964 renovation. \nFor more information visit www.sringeroperahouse.org \n \n Introduction \n \nG eorgia Economic Indicators, Quarterly Report, is designed to provide data on a number of indicators used \nto measure movement of the state's economy in a single publication. \nOur publication has changed. \nThe Georgia and Metropolitan Altanta Economic Indicator series, previously published as two separate monthly publications, are now published as a single quarterly publication. Additional data series for Georgia's other six metropolitan statistical areas are being developed and will be added to this publication. Graphs will continue to display data on monthly increments; whereas, companion data tables will display the 3-month average for each series (for 7 quarters) before alternating to a monthly format for the most recent quarter. \nAll data except those contained in the U.S. and Atlanta Consumer Price Index chart on Pages 3 and 9 are seasonally adjusted using the X11 ARIMA method. They are presented in graphic and tabular form along with an analysis. Each series shows movement over a 24-month period. Where appropriate, companion graphs and tables show data that have been deflated by the U.S. Consumer Price Index or the U.S. Construction Price Index. The purpose is to adjust for inflation and show growth in constant dollars. \nHistorical tables and graphs are included in a supplementary Georgia Economic Indicators, Historical Series, published annually. \nWorkforce Information and Analysis welcomes comments, suggestions or questions concerning Georgia Economic Indicators, Quarterly Report and Historical Series. Please address correspondence to Bill Webb, Workforce Information and Analysis, Georgia Department of Labor, 148 Andrew Young International Boulevard, N.E., Atlanta, Georgia 30303-1751. The telephone number is (404) 232-3875. \n \nData Sources \n \nGeorgia Indexes of Leading and Coincident Economic Indicators*, Initial Unemployment Claims, Continuing Unemployment Claims, Insured Unemployment Rate, Nonagricultural Job Openings Unfilled, Weekly Manufacturing Earnings, Manufacturing Workweek and Employment data. -- Georgia Department of Labor \nConsumer Price Index -- U.S. Bureau of Labor Statistics, adapted from commentary by Michael Wald New Motor Vehicles, State Sales and Use Tax Collections and Total Revenue Collections -- Georgia Department of Revenue New Business Corporations -- Georgia Secretary of State Residential Construction and Construction Price Index -- U.S. Department of Commerce Nonresidential Construction -- F.W. Dodge, McGraw-Hill Construction Information Group MARTA Passengers -- Metropolitan Atlanta Rapid Transit System CCT Passengers -- Cobb Community Transit System Hotel Occupancy and Room Rates -- Smith Travel Research, Hendersonville, TN Mortgage Rates -- HSH Associates, Financial Publishers, Butler, NJ \nNote: The bonus depreciation was introduced in the 2002 tax cut (JCWAA), which specified that 30 percent of the price of investments made by September 10, 2004 could be treated as an immediate expense under the corporate profit tax and the remaining 70 percent depreciated over time. Job Creation and Worker Assistance Act (JCWAA) \n* Model for Georgia Indexes of Leading and Coincident Economic Indicators developed by Georgia State University's Economic Forecasting Center \n \n2 Economic Indicators / Fourth Quarter 2003 \n \nGeorgia Department of Labor \n \n Consumer Price Index \n \nChart is not seasonally adjusted \n \nYEAR JAN FEB MAR \n \n1990 \n \n127.4 \n \n128.0 \n \n128.7 \n \n1991 \n \n134.6 \n \n134.8 \n \n135.0 \n \n1992 \n \n138.1 \n \n138.6 \n \n139.3 \n \n1993 \n \n142.6 \n \n143.1 \n \n143.6 \n \n1994 \n \n146.2 \n \n146.7 \n \n147.2 \n \n1995 \n \n150.3 \n \n150.9 \n \n151.4 \n \n1996 \n \n154.4 \n \n154.9 \n \n155.7 \n \n1997 \n \n159.1 \n \n159.6 \n \n160.0 \n \n1998 \n \n161.6 \n \n161.9 \n \n162.2 \n \n1999 \n \n164.3 \n \n164.5 \n \n165.0 \n \n2000 \n \n168.7 \n \n169.7 \n \n171.1 \n \n2001 \n \n175.1 \n \n175.8 \n \n176.2 \n \n2002 \n \n177.1 \n \n177.8 \n \n178.8 \n \n2003 \n \n181.7 \n \n183.1 \n \n184.2 \n \n* Rate computed from December to December \n \nAPR \n128.9 135.2 139.5 144.0 147.4 151.9 156.3 160.2 162.5 166.2 171.2 176.9 179.8 183.8 \n \nMAY \n129.2 135.6 139.7 144.2 147.5 152.2 156.6 160.1 162.8 166.2 171.3 177.7 179.8 183.5 \n \nJUN \n129.9 136.0 140.2 144.4 148.0 152.5 156.7 160.3 163.0 166.2 172.3 178.0 179.9 183.7 \n \nJUL \n130.4 136.2 140.5 144.4 148.4 152.5 157.0 160.5 163.2 166.7 172.6 177.5 180.1 183.9 \n \nAUG \n131.6 136.6 140.9 144.8 149.0 152.9 157.3 160.8 163.4 167.1 172.8 177.5 180.7 184.6 \n \nSEP \n132.7 137.2 141.3 145.1 149.4 153.2 157.8 161.2 163.6 167.9 173.7 178.3 181.0 185.2 \n \nOCT NOV DEC \n \nANN AVG \n \n* CPI RATE \n \n133.5 \n \n133.8 \n \n133.8 \n \n130.7 \n \n6.1% \n \n137.4 \n \n137.8 \n \n137.9 \n \n136.2 \n \n3.1% \n \n141.9 \n \n142.0 \n \n141.9 \n \n140.3 \n \n2.9% \n \n145.7 \n \n145.8 \n \n145.8 \n \n144.5 \n \n2.7% \n \n149.5 \n \n149.7 \n \n149.7 \n \n148.2 \n \n2.7% \n \n153.7 \n \n153.6 \n \n153.5 \n \n152.4 \n \n2.5% \n \n158.3 \n \n158.6 \n \n158.6 \n \n156.9 \n \n3.3% \n \n161.6 \n \n161.5 \n \n161.3 \n \n160.5 \n \n1.7% \n \n164.0 \n \n164.0 \n \n163.9 \n \n163.0 \n \n1.6% \n \n168.2 \n \n168.3 \n \n168.3 \n \n166.6 \n \n2.7% \n \n174.0 \n \n174.1 \n \n174.0 \n \n172.1 \n \n3.4% \n \n177.7 \n \n177.4 \n \n176.7 \n \n177.1 \n \n1.6% \n \n181.3 \n \n181.3 \n \n180.9 \n \n179.9 \n \n2.4% \n \n185.0 \n \n184.5 \n \n184.3 \n \n184.0 \n \n1.9% \n \nSource: U.S. Bureau Of Labor Statistics @www.bls.gov \n \nInflation Declines in December \n \nThe Consumer Price Index for All Urban Consumers (CPI-U) decreased 0.1 percent in December, before seasonal adjustment, as reported by the Bureau of Labor Statistics of the U.S. Department of Labor. The December level of 184.3 (1982-84=100) was 1.9 percent higher than in December 2002. \nOn a seasonally adjusted basis, the CPI-U increased 0.2 percent in December, following a decline of 0.2 percent in November. Shelter costs were unchanged following a 3.0 percent drop in November. The index for all items less food and energy, increased 0.3 percent in December. \nAt a seasonally adjusted annual rate (SAAR), consumer prices were unchanged in the fourth quarter of 2003. In the first three quarters changes were at annual rates of 5.2, -0.7, and 3.1 percent, respectively. For the 12 month period ended in December, the CPI rose 1.9 percent. \nExcluding food and energy, the CPI-U advanced at a 1.0 percent SAAR in the fourth quarter, following increases at rates of 0.8, 1.0, and 1.5 \n \npercent in the first three quarters of 2003. The 1.1 percent advance in 2003 compares with a 1.9 percent rise in all of 2002. \nThe index for housing, which declined 0.1 percent in November, increased 0.3 percent in December. Shelter costs, which were unchanged in November, increased 0.3 percent in December. During the 12 month period ended in December, the indexes for rent and owners' equivalent rent rose 2.7 and 2.0 percent, respectively. In 2002 these indexes increased 3.1 and 3.3 percent, respectively. The index for fuels and utilities, which declined 0.9 percent in November, increased 0.5 percent in December. During the 12 month period ended in December, charges for natural gas and for electricity rose 17.4 and 2.6 percent, respectively, and fuel oil prices increased 7.8 percent. The index for household furnishings and operations, turned up in December, increasing 0.2 percent, but fell 1.8 percent during the 12 month period ended in December. \nThe transportation index decreased for the third consecutive month, down \n \n0.2 percent in December. The index for gasoline declined 0.1 percent, after falling sharply in October and November. Despite the recent declines, gasoline prices are still 6.8 percent higher than in December 2002. The index for new vehicles was unchanged in December. \nThe index for apparel declined 0.4 percent in December. Prior to seasonal adjustment, apparel prices fell 3.3 percent, reflecting pre-holiday discounting. During the 12 month period ended in December, apparel prices declined 2.1 percent, their sixth consecutive annual decline. \nMedical care costs rose 0.6 percent in December and are 3.7 percent higher than a year ago. The index for medical care commodities increased 0.4 percent. In the 12 month period ended in December, these indexes advanced 2.8 and 6.4 percent, respectively. \n \nGeorgia Department of Labor \n \nEconomic Indicators / Fourth Quarter 2003 3 \n \n Georgia Index of Economic Indicators \n208 \nLeading indicators Coincident indicators \n181 \n \n154 \n \n128 \n \n101 \n1990 = 100 \n \n74 1996 \n \n1997 \n \n1998 \n \n1999 \n \n2000 \n \n2001 \n \n2002 \n \n2003 \n \nMomentum Slows in Final Quarter \n \nNote: All indicators are seasonally adjusted. \n*** Both of Georgia's Economic Indicators lost momentum after transitioning into the fourth quarter. After a spectacular third quarter economic activity either declined or posted miniscule gains throughout the final three months of 2003. The Leading Economic Indicator (LEI) barely increased to 180.8 in October, up from the 180.7 posted in September. In November the LEI slipped to 179.9 (down 0.4%), then recovered to 181.2 (up 0.7%) in December. A large spike in initial unemployment claims (up 34.5% in December) played a key role in hampering the indicators progress. Commercial construction also took a dip in December (down 4.0%). At the end of the fourth quarter strong sales of residential homes (up 27.5%), new \n \nbusiness corporations filed (up 15.7%) along with an increase of new motor vehicles sold (up 13.5%) prevented the index from ending the year in negative territory. \nThe Coincident Economic Indicator (CEI) had a little more consistent quarter than the LEI, advancing to 175.7 in October and 176.3 in November (up 0.3% both months). However, the gains were reversed in December when the index declined to 175.4 (down 0.5 percent). \nNon-farm employment, which is a key part of this recovery declined in November and December down 0.3 and 0.2 percent, respectively. Retail employment had a difficult time expanding during the holiday season. Stores cut payrolls 0.7 and \n \n1.7 percent during the last two months of the quarter, traditionally the busiest season of the year. \nGeorgia's unemployment rate resided at 4.0 percent in December, a significant decline from the 5.1 percent rate posted for the same time period in 2002. Tax revenue collected by the state increased 4.9 percent in November then declined 1.6 percent in December. \nOver the year, the leading indicators went from 172.8 to 181.2 (a 4.8% increase), which was lower than the annual increase of 5.9 percent posted in 2002. The coincident indicators started at 167.4 and ended the year at 175.4 (up 4.8%) more then doubling the annual increase of 1.8 percent in 2002. \n \n4 Economic Indicators / Fourth Quarter 2003 \n \nGeorgia Department of Labor \n \n Georgia \nNonagricultural Employment change from previous month \nRetail Employment change from previous month \nManufacturing Employment change from previous month \nManufacturing Workweek (hours) change from previous month \nWeekly Manufacturing Earnings change from previous month \nNonagricultural Job Openings Unfilled change from previous month \nInitial Unemployment Claims change from previous month \nContinued Unemployment Claims change from previous month \nUnemployment rate (not seasonally adjusted) change from previous month \nInsured Unemployment Rate change from previous month \nNew Motor Vehicle Sales change from previous month \nResidential Construction ( building permits ) change from previous month \nNonresidential Construction ( dollar value ) change from previous month \nNew Business Corporations change from previous month \nTotal State Revenues ( in millions ) change from previous month \nDeflated State Revenues ( in millions ) change from previous month \nGeorgia Department of Labor \n \nDecember 2003 \n3,951,043 -0.27% \n453,117 -1.71% \n448,504 -0.34% \n38.7 -2.04% \n$546.41 -1.19% \n12,636 -13.59% \n53,200 34.54% \n295,243 13.39% \n4.0% - - \n1.77% - - \n46,219 13.55% \n9,410 27.56% \n$360,930,053 -4.03% \n6,496 15.71% \n$1,123,262,498 -1.67% \n609,473,700 -1.56% \n \nNovember 2003 \n3,961,744 -0.34% \n461,013 -0.79% \n450,036 0.09% \n39.5 2.25% \n$552.98 1.00% \n14,624 7.56% \n39,542 -4.22% \n260,374 -8.48% \n4.1% - - \n1.78% - - \n40,703 -4.01% \n7,377 -17.86% \n$376,092,678 1.67% \n5,614 -12.85% \n$1,142,350,691 4.97% \n619,159,900 5.25% \n \nOctober 2003 \n3,975,231 - - \n464,683 - - \n449,638 - - \n38.6 - - \n$547.51 - - \n13,597 - - \n41,284 - - \n284,485 - - \n4.4% - - \n1.80% - - \n42,403 - - \n8,981 - - \n$369,923,668 - - \n6,442 - - \n$1,088,272,696 - - \n588,254,100 - - \n \nEconomic Indicators / Fourth Quarter 2003 5 \n \n MILLIONS \n \nTHOUSANDS \n \nGEORGIA \n4. 02 \n2002 2003 \n3. 98 \n \n44. 2 42. 7 \n \n2002 2003 \n \n3. 95 \n \n41. 3 \n \nHOURS \n \n3. 91 \n \n39. 8 \n \n3. 88 \nNonagricultural Employment \n3. 84 500 \n480 \n460 \n440 \n \nDOLLARS \n \n38. 4 36. 9 $ 595 $ 575 $ 555 $ 535 \n \nManufacturing Workweek \n \n420 \nRetail Employment \n400 \n510 \n \n$ 515 \nAverage Weekly Manufacturing Earnings \n$ 495 \n$ 340 \n \n490 \n \n$ 325 \n \n470 \n \n$ 310 \n \nDOLLARS \n \n450 \n \n$ 295 \n \n430 \n \n$ 280 \n \nManufacturing Employment \n \nDeflated Average Weekly Manufacturing Earnings \n \n410 \n \n$ 265 \n \nJ \n \nF \n \nM \n \nA \n \nM \n \nJ \n \nJ \n \nA \n \nS \n \nO \n \nN \n \nD \n \nJ \n \nF \n \nM \n \nA \n \nM \n \nJ \n \nJ \n \nA \n \nS \n \nO \n \nN \n \nD \n \nEmployment \n \n2002: Q1 Q2 Q3 Q4 \n2003: Q1 Q2 Q3 Oct \nNov Dec \n \nNonag \n3,917,900 3,907,837 3,900,149 3,897,861 3,909,766 3,921,513 3,955,801 3,975,231 3,961,744 3,951,043 \n \nRetail \n453,237 456,186 453,215 454,103 461,004 459,416 461,006 464,683 461,013 453,117 \n \nMfg. \n471,521 472,759 473,759 469,658 461,490 447,275 450,143 449,638 450,036 448,504 \n \nAll graphs contain monthly data and are seasonally adjusted, except where noted. \n \nManufacturing \n \nAvg. Work Week \n \nWeekly Earnings \n \n41.1 \n \n$549.23 \n \n41.1 \n \n545.70 \n \n40.7 \n \n534.06 \n \n40.7 \n \n560.83 \n \n40.6 \n \n564.46 \n \n40.5 \n \n573.35 \n \n39.3 \n \n546.35 \n \n38.6 \n \n547.51 \n \n39.5 \n \n552.98 \n \n38.7 \n \n546.41 \n \nDeflated Wkly Earnings \n$308.73 303.45 295.71 309.57 308.44 312.17 296.04 295.95 299.72 296.48 \n \nTHOUSANDS \n \n6 Economic Indicators / Fourth Quarter 2003 \n \nGeorgia Department of Labor \n \n THOUSANDS \n \nTHOUSANDS \n \nGEORGIA \n19.7 \n2002 2003 \n16.2 \n \n6.3 2002 2003 \n5.7 \n \nPERCENTAGES \n \n12.7 \n \n5.2 \n \n9.2 \n \n4.6 \n \n5.7 \n \n4.1 \n \nNonagricultural Job Openings Unfilled \n \n2.2 \n \n3.5 \n \n99.6 \n \n3.26 \n \n80.9 \n \n2.76 \n \nUnemployment Rate \n \nPERCENTAGES \n \n62.1 \n \n2.26 \n \n43.4 \n \n1.76 \n \n24.6 \nInitial Unemployment Claims \n5.9 \n550 \n \n1.26 \nInsured Unemployment Rate \n0.76 \n63 \n \n450 \n \n56 \n \nTHOUSANDS \n \n350 \n \n50 \n \n250 \n \n43 \n \n150 \n \nContinued Unemployment Claims \n \n50 \n \nJ \n \nF \n \nM \n \nA \n \nM \n \nJ \n \nJ \n \nA \n \nS \n \nO \n \nN \n \nD \n \n37 \nNew Motor Vehicle Sales \n \n30 J \n \nF \n \nM \n \nA \n \nM \n \nJ \n \nJ \n \nA \n \nS \n \nO \n \nN \n \nD \n \nTHOUSANDS \n \n2002: Q1 Q2 Q3 Q4 \n2003: Q1 Q2 Q3 Oct \nNov Dec \n \nJob Openings \n9,214 9,697 10,246 10,690 11,486 11,649 14,137 13,597 14,624 12,636 \n \nInitial Claims \n46,376 49,953 44,835 50,556 49,032 58,777 52,722 41,284 39,542 53,200 \n \n1 Rate at the end of each quarter, except for monthly rates. * Estimate used, actual data not available. \n \nGeorgia Department of Labor \n \nUnemployment \n \nContinued Claims \n309,885 \n \nRate 1 \n5.1% \n \n342,513 \n \n5.7% \n \n321,650 \n \n5.4% \n \n303,933 \n \n5.1% \n \n299,701 \n \n4.7% \n \n330,848 \n \n5.4% \n \n314,854 \n \n4.6% \n \n284,485 \n \n4.4% \n \n260,374 \n \n4.1% \n \n295,243 \n \n4.0% \n \nInsured 1 \n2.06% 1.94% 1.96% 2.19% 1.99% 2.03% 1.91% 1.80% 1.78% 1.77% \n \nNew Motor Vehicle Sales \n46,658 43,752 47,308 42,452 45,229 40,931 45,609 *42,403 40,703 46,219 \n \nEconomic Indicators / Fourth Quarter 2003 7 \n \n HOUSEHOLD UNITS \n \nMILLIONS \n \nGEORGIA \n \n10, 277 \n \n9, 388 \n \n2002 2003 \n \n8, 499 \n \n7, 609 \n \n6, 720 \nResidential Construction \n5, 831 \n$ 810 \n \n$ 672 \n \n$ 534 $ 396 \n \n$ 258 \nNonresidential Construction \n$ 120 \n \n$ 675 \n \nMILLIONS \n \nCHARTERS \n \n8,000 7,000 6,000 5,000 4,000 3,000 $ 1,683 $ 1,466 $ 1,250 $ 1,033 $ 817 $ 600 $ 940 \n \n2002 2003 \nNew Business Corporations \nTotal State Revenue \n \n$ 550 \n \n$ 823 \n \nMILLIONS \n \n$ 425 \n \n$ 706 \n \n$ 300 \n \n$ 589 \n \n$ 175 \n$ 50 J \n \nDeflated Nonresidential Construction \n \nF \n \nM \n \nA \n \nM \n \nJ \n \nJ \n \nA \n \nS \n \nO \n \nN \n \n$ 472 \n \n$ 355 \n \nD \n \nJ \n \nDeflated Total State Revenue \n \nF \n \nM \n \nA \n \nM \n \nJ \n \nJ \n \nA \n \nS \n \nO \n \nN \n \nD \n \nMILLIONS \n \nConstruction Residential 2 Non-residential 1 Deflated non-res 1 \n \n2002: Q1 \n \n7,794 \n \nQ2 \n \n8,400 \n \nQ3 \n \n7,861 \n \nQ4 \n \n7,970 \n \n2003: Q1 \n \n7,350 \n \nQ2 \n \n6,927 \n \nQ3 \n \n8,759 \n \nOct \n \n8,981 \n \nNov \n \n7,377 \n \nDec \n \n9,410 \n \n1 Data rounded \n \n2 Household units 3 Includes limited liability companies \n \n$441,608,000 448,637,000 436,092,000 492,563,000 408,989,000 398,846,000 488,170,000 369,924,000 376,093,000 360,930,000 \n \n$356,710,800 362,193,500 351,592,600 391,337,100 318,858,400 309,743,200 377,062,300 281,311,000 284,487,900 273,018,200 \n \n8 Economic Indicators / Fourth Quarter 2003 \n \nNew Business Corporations 3 \n5,236 4,785 5,180 5,186 4,950 5,757 5,497 6,442 5,614 6,496 \n \nTotal State Revenue 1 Deflated Rev. 1 \n \n$1,040,070,000 1,131,250,000 1,004,900,000 1,073,530,000 1,037,440,000 1,104,810,000 1,042,300,000 1,088,270,000 1,142,350,000 1,123,260,000 \n \n$584,637,400 629,054,700 556,423,000 592,564,900 566,907,100 601,529,900 564,728,200 588,254,100 619,159,900 609,473,700 \n \nGeorgia Department of Labor \n \n Consumer Price Index for Atlanta \n \nYEAR JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC Rate * \n \n1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 \n \n76.4 87.2 92.8 97.9 102.6 107.0 111.7 \n \n78.0 88.2 92.9 98.7 103.2 107.6 111.1 \n \n159.5 161.9 167.4 175.3 176.1 180.7 \n \n160.8 164.0 169.8 176.6 178.6 182.1 \n \n* Annual rate of increase from December to December \n \n80.3 89.3 96.5 100.2 104.1 108.8 112.2 115.5 119.1 124.9 130.8 135.5 138.6 142.2 146.7 150.3 154.7 158.3 162.0 164.8 170.9 177.8 179.1 181.5 \n \n81.7 91.6 98.0 100.8 104.8 109.9 112.4 \n161.9 165.9 172.1 176.9 179.7 181.7 \n \n83.0 93.3 98.8 100.9 105.4 110.4 112.7 \n162.0 166.5 171.9 176.7 179.4 180.1 \n \n85.7 93.6 98.2 101.9 105.5 111.2 113.5 117.5 121.7 127.3 132.6 136.2 138.5 144.7 146.7 151.5 157.2 159.5 161.6 167.0 171.9 174.8 177.3 179.0 \n \n15.8% 9.2% 4.9% 3.8% 3.5% 5.4% 2.1% 3.8% 3.3% 4.7% 4.4% 3.2% 1.9% 3.5% 2.3% 2.9% 3.4% 1.9% 1.4% 3.3% 2.9% 1.7% 1.4% 1.0% \n \nSource: U.S. Bureau of Labor Statistics @ www.bls.gov \n \nThe CPI for Atlanta Moves Lower in 2003 \n \nThe Consumer Price Index for All Urban Consumers (CPI-U) for Atlanta decreased 0.6 percent over the two months ending in December to a level of 179.0 (1982-84=100), not seasonally adjusted, as reported by the Bureau of Labor Statistics of the U.S. Department of Labor. For the 12-months ending in December, the CPI-U for Atlanta increased 1.0 percent. \nOver the two months, lower costs for housing, apparel and transportation accounted for almost all of the decrease in the all items index. Energy costs advanced 0.7 percent after falling 11.4 percent in the two month period ending in October. Excluding food and energy, the CPI-U for Atlanta declined 1.2 percent over the past two months. \n \nOver the past 12 months, the CPI-U for Atlanta has increased 1.0 percent. During that time period, energy costs advanced 8.3 percent. Excluding the cost of food and energy, the CPI-U for Atlanta decreased 0.6 percent in calendar year 2003. \nOver the past two months, the index for housing dropped 0.8 percent, its third consecutive bimonthly decrease. Lower costs for shelter (-1.1 percent) accounted for almost all of the decrease in the housing index. Fuels and utilities costs rose 1.9 percent since October due to a 6.8 percent increase in the cost of utility natural gas service. Over the year, housing costs increased 0.7 percent. Costs for shelter declined 0.1 percentage point, while the index for electricity dropped 0.2 percent and costs for utility natural gas service increased 17.7 percent. \n \nSince October, apparel costs have decreased 8.5 percent. This is the largest bimonthly decrease for this index since December 2002. Over the past 12 months, apparel costs in Atlanta declined 7.7 percent, the largest calendar year decline in apparel prices since 1998. \nThe transportation index fell 0.8 percent in the November December pricing period due to falling gasoline costs. The index for gasoline decreased 1.5 percent over the two months. Over the year, transportation costs have risen 1.7 percent, as gasoline costs climbed 10.8 percent. \nThe medical care index recorded a 0.3 percent increase over the two months bringing it to a level 1.5 percent higher than in December 2002. \n \nGeorgia Department of Labor \n \nEconomic Indicators / Fourth Quarter 2003 9 \n \n Metro Atlanta Index of Economic Indicators \n184.9 \nLeading indicators Coincident indicators \n165.6 \n \n146.3 \n \n127.1 \n \n107.8 \n1995-96 = 100 \n \n88.5 \n \n96 \n \n97 \n \n98 \n \n99 \n \n00 \n \n01 \n \n02 \n \n03 \n \n04 \n \nAtlanta's Coincident Indicators Continue Streak \n \nNote: All indicators are seasonally adjusted. \n \n*** \n \nAtlanta's Economic Indicator's ended the year in a modest fashion. Both indexes posted gains during most of the fourth quarter. \nThe Leading Economic Indicators, which reflects activity that will impact the economy (up to two quarters) into the future, contracted initially. The index declined during the month of holloween (175.2,-0.6%), then posted back-to-back gains in November (177.2,+1.1%) and December (178.2,+0.5%). \nThe index's largest decline was in the value of commercial construction put in place, starting the week of labor day, revenue had reached $382 million by the end of the month, then declined to $193 million by New Year's Eve. Permits for residential construction started off the first two months of the \n \nreporting period in negative territory before registering a double-digit gain in December. Average weekly manufacturing hours worked in the fourth quarter declined to 35.9, down from the 36.4 weekly average in the previous quarter. Declines in initial jobless claims aided the index's advance in November and December. \nThe Coincident Economic Indicators (CEI), which measures current economic conditions, continued its streak of gains adding another quarter of consecutive increases. Unemployment in the metro area declined from 4.5 percent in October to 4.0 percent matching the jobless rate for the state in December. As the job situation brightens the jobless rate may increase due to more discouraged \n \nworkers re-entering the job market. The insured unemployment rate declined from 1.68 percent in October to 1.54 percent in December. Holiday sales were better then last year's, but did not measure up to most retailers' forecast. Employment in the retail sector declined during the final three months of the year. \nOverall, the economy in the metro area seems to be moving along in a step-wise fashion. Low interest rates and bonus depreciation for business investment (see note at the bottom of page 2 for details) will help to increase business spending, which should translate into more hiring. \n \n10 Economic Indicators / Fourth Quarter 2003 \n \nGeorgia Department of Labor \n \n Metro Atlanta \n \nDec-2003 \n \nNov-2003 \n \nOct-2003 \n \nPercent Change Nov-2003 \nto Dec-2003 \n \nPercent Change Oct-2003 \nto Nov-2003 \n \nNonagricultural Employment \n \n2,224,152 \n \nWholesale Employment \n \n133,487 \n \nRetail Employment \n \n244,162 \n \nAccommodation and Food Services Employment \n \n175,849 \n \nManufacturing Employment \n \n160,815 \n \nGovernment Employment \n \n293,239 \n \nConstruction Employment \n \n125,851 \n \nTrans., Warehousing and Utilities Employment \n \n107,640 \n \nFinancial Activities Employment \n \n146,942 \n \nProfessional and Business Services Employment \n \n384,215 \n \nHospital Services Employment \n \n59,162 \n \nSocial Assistance Employment \n \n24,776 \n \nManufacturing Workweek \n \n35.9 \n \nManufacturing Earnings \n \n$539.31 \n \nDeflated Manufacturing Earnings \n \n$292.63 \n \nInitial Unemployment Claims \n \n11,706 \n \nContinued Unemployment Claims \n \n156,916 \n \nTotal Unemployment Rate ( not seasonally adjusted ) \n \n4.0 \n \nInsured Unemployment Rate \n \n1.54% \n \nMARTA Passengers \n \n5,669,000 \n \nCobb County Transit Passengers \n \n227,791 \n \nResidential Construction (household units) \n \n6,408 \n \nNonresidential Construction (value) \n \n$193,536,000 \n \nDeflated Nonresidential Construction \n \n$145,400,000 \n \nHotel Occupancy \n \n#N/A \n \nAverage Hotel Room Rates \n \n#N/A \n \nDeflated Average Hotel Room Rate \n \n#N/A \n \nAverage 30-Year Fixed Mortgage Rate \n \n5.91% \n \nAverage 15-Year Fixed Mortgage Rate \n \n5.24% \n \nAverage One-Year Adjustable Mortgage Rate \n \n3.57% \n \n2,236,563 134,070 248,302 174,565 163,008 291,345 125,480 107,416 148,319 388,668 59,379 24,819 36.2 $531.55 $288.10 10,511 139,857 4.1 1.67% \n5,248,000 211,341 5,146 \n$198,519,000 $149,700,000 \n#N/A #N/A #N/A 5.96% 5.25% 3.48% \n \n2,236,468 131,792 250,365 176,112 162,103 292,997 125,565 106,942 147,483 390,117 59,249 24,724 35.8 $521.61 $281.95 12,462 142,185 4.5 1.68% \n5,817,000 214,082 6,424 \n$167,324,000 $127,000,000 \n#N/A #N/A #N/A 6.01% 5.28% 3.51% \n \n-0.55% 0.00% \n \n-0.43% 1.73% \n \n-1.67% -0.82% \n \n0.74% -0.88% \n \n-1.35% 0.56% \n \n0.65% -0.56% \n \n0.30% -0.07% \n \n0.21% 0.44% \n \n-0.93% 0.57% \n \n-1.15% -0.37% \n \n-0.37% 0.22% \n \n-0.18% 0.39% \n \n-0.79% 1.07% \n \n1.46% 1.91% \n \n1.57% 2.18% \n \n11.37% -15.66% \n \n12.20% -1.64% \n \n- \n \n- \n \n- \n \n- \n \n8.02% -9.78% \n \n7.78% -1.28% \n \n24.52% -19.89% \n \n-2.51% 18.64% \n \n-2.87% 17.87% \n \n- \n \n- \n \n#N/A #N/A \n \n#N/A #N/A \n \n- \n \n- \n \n- \n \n- \n \n- \n \n- \n \nGeorgia Department of Labor \n \nEconomic Indicators / Fourth Quarter 2003 11 \n \n MILLIONS \n \nTHOUSANDS \n \nMetro Atlanta \n \n2. 30 2. 26 \n \n2002 2003 \n \n2. 23 \n \n2. 19 \n \n2. 16 \nNonagricultural Employment \n2. 12 \n150 \n \n145 \n \n140 \n \n135 \n \n130 \nWholesale Employment \n125 \n270 \n \nTHOUSANDS \n \nTHOUSANDS \n \n300 2002 2003 \n250 \n200 \n150 \n100 \nAccommodation and Food Services \n50 \n220 \n200 \n180 \n160 \n140 \nManufacturing Employment \n120 310 \n \n260 \n \n300 \n \nTHOUSANDS \n \n250 \n \n290 \n \n240 \n \n280 \n \n230 \nRetail Employment \n \n220 \n \nJ \n \nF \n \nM \n \nA \n \nM \n \nJ \n \nJ \n \nA \n \nS \n \nO \n \nN \n \nD \n \n270 \nGovernment Employment \n \n260 \n \nJ \n \nF \n \nM \n \nA \n \nM \n \nJ \n \nJ \n \nA \n \nS \n \nO \n \nN \n \nD \n \nTHOUSANDS \n \nPeriod \n2002 :Q1 Q2 Q3 Q4 \n2003 :Q1 Q2 Q3 Oct \nNov Dec \n \nNonag \n2,179,602 2,187,850 2,170,072 2,165,678 2,179,868 2,195,027 2,222,259 2,236,468 2,236,563 2,224,152 \n \nWholesale \n142,714 143,538 140,903 140,245 140,839 135,164 133,491 131,792 134,070 133,487 \n \nEmployment \n \nRetail \n \nAccom. \u0026 Food Services \n \n247,873 249,841 248,473 247,770 250,854 248,660 250,872 250,365 248,302 244,162 \n \n167,837 172,037 167,944 166,992 167,285 173,256 172,211 176,112 174,565 175,849 \n \nManufacturing \n171,189 173,126 169,593 169,181 167,983 163,887 162,171 162,103 163,008 160,815 \n \nGovernment \n278,665 282,007 286,104 288,326 290,146 287,337 287,022 292,997 291,345 293,239 \n \n12 Economic Indicators / Fourth Quarter 2003 \n \nGeorgia Department of Labor \n \n THOUSANDS \n \nTHOUSANDS \n \nMetro Atlanta \n132 2002 2003 \n126 \n \n420 \n2002 2003 400 \n \n120 \n \n380 \n \nTHOUSANDS \n \n114 \n \n360 \n \n108 \nConstruction Employment \n102 \n \n340 \nProfessional and Business Services Employment \n320 \n \n140 \n \n80 \n \n130 \n \n70 \n \nTHOUSANDS \n \n120 \n \n60 \n \n110 \n \n50 \n \n100 \n \n40 \n \nTransportation, Warehousing \u0026 Utilities Employment \n \n90 \n \n30 \n \n155 \n \n40 \n \nHospital Services Employment \n \n151 \n \n35 \n \n147 \n \n30 \n \nTHOUSANDS \n \n143 \n \n25 \n \n139 \nFinancial Activities Employment \n \n20 \nSocial Assistance Employment \n \n135 \n \nJ \n \nF \n \nM \n \nA \n \nM \n \nJ \n \n15 \n \nJ \n \nA \n \nS \n \nO \n \nN \n \nD \n \nJ \n \nF \n \nM \n \nA \n \nM \n \nJ \n \nJ \n \nA \n \nS \n \nO \n \nN \n \nD \n \nPeriod \n2002 :Q1 Q2 Q3 Q4 \n2003 :Q1 Q2 Q3 Oct \nNov Dec \n \nConstruction \n121,539 118,075 116,408 116,369 118,618 120,629 121,884 125,565 125,480 125,851 \n \nTrans, Ware \u0026 Utilities \n115,924 116,827 113,881 111,873 112,559 108,413 108,538 106,942 107,416 107,640 \n \nEmployment \n \nFinancial Activities \n \nProfessional \u0026 Business Services \n \n148,163 146,444 145,135 145,488 144,536 144,455 145,622 147,483 148,319 146,942 \n \n363,112 365,666 359,489 355,674 359,355 375,996 384,846 390,117 388,668 384,215 \n \nHospital Services \n56,012 55,545 55,074 56,032 57,246 57,804 59,193 59,249 59,379 59,162 \n \nSocial Assistance \n24,971 25,311 25,183 25,330 26,089 24,881 26,711 24,724 24,819 24,776 \n \nTHOUSANDS \n \nGeorgia Department of Labor \n \nEconomic Indicators / Fourth Quarter 2003 13 \n \n HOURS \n \nDOLLARS \n \nMetro Atlanta \n \n43.0 41.0 \n \n2002 2003 \n \n39.0 \n \n37.0 \n \n35.0 \n33.0 $675 \n \nManufacturing Workweek \n \n$635 \n \n$595 \n \n$555 \n \n$515 \nManufacturing Earnings \n$475 \n475 \n \nTHOUSANDS \n \nTHOUSANDS \n \n26. 9 21. 9 \n \n2002 2003 \n \n16. 9 \n \n11. 9 \n \n6. 9 \nInitial Unemployment Claims \n1. 9 \n275 \n \n225 \n \n175 \n \n125 \n \n75 \nContinued Unemployment Claims \n25 \n7.0 \n \n420 \n \n365 \n \n310 \n \n255 \nDeflated Manufacturing Earnings \n \n200 \n \nJ \n \nF \n \nM \n \nA \n \nM \n \nJ \n \nJ \n \nA \n \nS \n \nO \n \nN \n \nD \n \nPERCENTAGES \n \n6.0 \n \n5.0 \n \n4.0 \n \nUnemployment Rate \n \n3.0 \n \nJ \n \nF \n \nM \n \nA \n \nM \n \nJ \n \nJ \n \nA \n \nS \n \nO \n \nN \n \nD \n \nDOLLARS \n \nPeriod \n2002 :Q1 Q2 Q3 Q4 \n2003 :Q1 Q2 Q3 Oct \nNov Dec \n \nWork Week (hrs) \n40.1 40.0 39.0 39.5 39.3 38.7 36.4 35.8 36.2 35.9 \n \nManufacturing \nWeekly Earnings \n$617.37 607.08 592.97 603.96 595.25 588.50 539.10 521.61 531.55 539.31 \n \nDeflated Earnings \n$347.00 337.58 328.33 333.37 325.28 320.42 292.13 281.95 288.10 292.63 \n \n14 Economic Indicators / Fourth Quarter 2003 \n \nInitial Claims \n13,434 14,878 13,060 13,623 13,272 15,564 13,186 12,462 10,511 11,706 \n \nUnemployment \nContinued Claims \n171,515 186,676 173,034 163,621 158,677 178,406 161,618 142,185 139,857 156,916 \n \nRate \n5.2% 5.9% 5.6% 5.2% 4.7% 5.5% 4.8% 4.5% 4.1% 4.0% \n \nGeorgia Department of Labor \n \n PERCENTAGES \n \nMILLIONS \n \nMetro Atlanta \n2. 9 2002 2003 \n2. 5 \n2. 1 \n1. 7 \n1. 3 \nInsured Unemployment Rate \n0. 9 7.0 \n6.5 \n6.0 \n5.5 \n5.0 \nMARTA Passengers \n4.5 \n250 \n \nMILLIONS \n \nHOUSEHOLD UNITS ( THOUSANDS ) \n \n7. 5 6. 6 5. 8 4. 9 4. 1 3. 2 $600 $480 $360 $240 $120 $0 $431 \n \n2002 2003 \nResidential Construction \nNonresidential Construction \n \n225 \n \n$346 \n \n200 \n \n$261 \n \nMILLIONS \n \n175 \n \n$176 \n \n150 \nCobb Community Transit Passengers \n \n$91 \nDeflated Nonresidential Construction \n \n125 \n \nJ \n \nF \n \nM \n \nA \n \nM \n \nJ \n \nJ \n \nA \n \nS \n \nO \n \nN \n \nD \n \n$6 \n \nJ \n \nF \n \nM \n \nA \n \nM \n \nJ \n \nJ \n \nA \n \nS \n \nO \n \nN \n \nD \n \nTHOUSANDS \n \nPeriod \n2002 :Q1 Q2 Q3 Q4 \n2003 :Q1 Q2 Q3 Oct \nNov Dec \n \nInsured Unemployment \nRate 2 \n2.06% 1.96% 1.83% 1.84% 1.81% 1.93% 1.75% 1.68% 1.67% 1.54% \n \nTransit Passengers \n \nMARTA 1 \n5,618,800 5,637,400 5,361,200 5,456,900 5,476,300 5,570,400 5,506,000 5,816,700 5,247,800 5,668,600 \n \nCobb Community \n175,120 167,733 178,376 193,958 191,127 190,276 202,328 214,082 211,341 227,791 \n \nConstruction \n \nResidential 3 \n5,181 5,721 5,180 5,442 4,831 4,623 6,149 6,424 5,146 6,408 \n \nNonresidential 1 \n$296,865,000 283,007,000 290,063,000 285,491,000 236,366,000 250,483,000 290,529,000 167,324,000 198,519,000 193,536,000 \n \nDeflated Non-res \n$239,766,667 228,500,000 233,766,667 226,833,333 184,166,667 194,866,667 223,733,333 127,000,000 149,700,000 145,400,000 \n \n1 Data rounded 2 Rate at the end of each quarter, except for monthly rates. \nGeorgia Department of Labor \n \n3 Household units Economic Indicators / Fourth Quarter 2003 15 \n \n PERCENTAGES \n \nDOLLARS \n \nMetro Atlanta \n75 2002 2003 \n69 \n \n7. 60 7. 00 \n \n2002 2003 \n \nPERCENTAGES \n \n63 \n \n6. 40 \n \n56 \n \n5. 80 \n \n50 \nHotel Occupancy \n44 \n$87 \n$82 \n \n5. 20 \nAverage 30-Year Fixed Mortgage Rates \n4. 60 \n7.10 \n6.48 \n \n$78 \n \n5.86 \n \nPERCENTAGES \n \n$74 \n$69 \nAverage Hotel Room Rates \n$65 \n$49 \n \n5.24 \n4.62 \nAverage 15-Year Fixed Mortgage Rates \n4.00 \n7.41 \n \n$47 \n \n6.21 \n \nPERCENTAGES \n \n$44 \n \n5.01 \n \n$41 \n \n3.81 \n \n$38 \n \n2.61 \n \nDeflated Average Hotel Room Rates \n \nAverage One-Year Adjustable Mortgage Rates \n \n$35 \n \n1.41 \n \nJ \n \nF \n \nM \n \nA \n \nM \n \nJ \n \nJ \n \nA \n \nS \n \nO \n \nN \n \nD \n \nJ \n \nF \n \nM \n \nA \n \nM \n \nJ \n \nJ \n \nA \n \nS \n \nO \n \nN \n \nD \n \nDOLLARS \n \nPeriod \n \nOccupancy % \n \n2002 :Q1 Q2 Q3 Q4 \n2003 :Q1 Q2 Q3 Oct \nNov Dec \n \n60.2% 57.8% 57.7% 58.2% 56.8% 55.3% #N/A #N/A #N/A #N/A \n \n1 Rate does not include points \n \nHotel Data \nRoom Rates \n$77.65 77.55 75.75 77.10 74.18 72.16 #N/A #N/A #N/A #N/A \n \n16 Economic Indicators / Fourth Quarter 2003 \n \nDeflated Room Rates \n$43.65 43.13 41.94 42.56 40.54 39.29 #N/A #N/A #N/A #N/A \n \n3 0 - Ye a r Fixed 1 \n7.00% 6.60% 6.16% 6.00% 5.74% 5.22% 6.20% 6.01% 5.96% 5.91% \n \nMortgage Rates \n \n1 5 - Ye a r Fixed 1 \n \nO n e - Ye a r Rate Adjustable 1 \n \n6.55% 6.11% 5.58% 5.40% 5.10% 4.61% 5.47% 5.28% 5.25% 5.24% \n \n4.98% 4.29% 4.20% 3.63% 3.43% 3.18% 3.66% 3.51% 3.48% 3.57% \n \nGeorgia Department of Labor \n \n Dear Subscriber to Economic Indicators: Several new methods for releasing the Economic Indicators publication have been introduced 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